Chilean salmon farming and fisheries giant Camanchaca bounced back from last year's third-quarter loss, helped by higher salmon prices and strong seasonal wild-catch harvests.
The group posted earnings before interest, taxes, depreciation and amortization (EBITDA) of $15 million (€13.2 million) in the third quarter, a sharp reversal from its $1.7 million (€1.5 million) loss a year before.
Consolidated revenue rose 29 percent to $155 million (€136 million), lifted by strong numbers across its wild-catch, salmon farming and shellfish divisions.
Chilean salmon producers have harvested less salmon this year after placing fewer fish in cages during the onset of the global COVID-19 pandemic in early 2020, leading to a reduced supply and much higher prices in key markets such as the United States.
The company has also had to contend with fallout from algal bloom and oxygenation incidents earlier this year.
“We will remember 2021 as a year that started horribly in salmon," Camanchaca CEO Ricardo Garcia said, noting low prices, COVID-19 and algal blooms took their toll.
"But without a doubt the third quarter begins to show that these events are already part of history."