Chilean salmon farmer Salmones Austral posted a 50 percent second quarter increase in earnings before interest, taxes, depreciation and amortization (EBITDA), helped by higher salmon prices and a cost cutting drive.

EBITDA came in at $11.6 million (€11.7 million) compared with $7.7 million (€7.8 million) in the period a year earlier earlier.

This came despite a 25.6 percent drop in revenue to $42.3 million (€42.6 million).

“While higher salmon prices contributed to the good results, the most notable thing is that our efforts to proactively manage costs paid off,” Salmones Austral Vice President Christian Samsing said.