Chilean salmon farmer Salmones Camanchaca posted first quarter earnings before interest, taxes, depreciation, and amortization (EBITDA) of $3.7 million (€3.5 million), reversing a $7.4 million (€7.1 million) loss from a year earlier.

Revenue rose 16 percent to $81 million (€77.7 million), lifted by a 34 percent increase in Atlantic salmon prices to record levels, the company said.

Higher prices offset the impact of a 12 percent year-over-year drop in harvest volumes to 8,108 metric tons, as well as higher feed and logistics costs as the producer suffered from lower oxygen levels at one of its production sites.

After a difficult year in the early part of last year, characterized by algal bloom outbreaks, conditions so far have generally been better than in 2021, which is being reflected in lower mortalities and better feed conversions.

However, Camanchaca said it is closely monitoring reduced oxygen levels, especially in the Los Lagos region, that have cut fish growth rates, average harvest weights and made fish more expensive to grow.

Camanchaca estimates harvests of between 45,000 metric tons to 47,000 metric tons of Atlantic salmon and 6,000 metric tons to 7,000 metric tons of coho salmon for the full year.

“The demand for salmon in the world remains strong and consumers have added more salmon to the weekly diet, which has favored their prices and offset cost increases that we have seen in various components of the cost of the product," Camanchaca CEO Ricardo Garcia said.