Chilean salmon farming and fisheries giant Camanchaca posted a second quarter $4 million (€3.3 million) pre-tax loss, dragged down primarily by the performance of its salmon division, which struggled under the market chaos of COVID-19.

The loss is a sharp turnaround from last year when the company reported a pre-tax profit of $6.5 million (€5.4 million).

Seafood companies in general suffered from a massive slump in demand from the foodservice sector in the second quarter as the COVID-19 pandemic and lockdown restrictions led consumers to stay home.

Total revenues at Camanchaca, including for the company's combined salmon farming, fishing and mussel production operations, rose 5 percent to $146.3 million (€122.4 million).

A 17 percent increase in fishing revenues was balanced against a 1 percent decline in salmon revenues and a 7 percent decrease in the mussel-producing division.

The company's salmon farming operations, Salmones Camanchaca, are a separately listed company on the Oslo Stock Exchange.

Salmones Camanchaca's Atlantic salmon harvest volumes climbed 50 percent from a year earlier to 10,670 metric tons.

Last month, Salmones Camanchaca reported a second quarter loss of $5.8 million (€4.9 million), blaming a 29 percent drop fish prices from a year earlier.

The company posted earnings before interest, taxes depreciation and amortization (EBITDA) of $4.7 million (€3.9 million) in the same three-month period last year.

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