Chilean salmon farming group Salmones Camanchaca reported a sharp turnaround in earnings in the first quarter, with high prices, a rise in volume and good biological performance for Atlantic salmon sites lifting the group.

Camanchaca's earnings before interest, taxation, depreciation, and amortization (EBITDA) of $25.4 million (€21.3 million) in the first quarter marked a significant increase of over $20 million (€16.8 million) compared to the previous year when harvests were affected by algal blooms.

In addition to its EBITDA rise, Salmones Camanchaca's revenues also saw substantial growth, with a 41 percent increase to $113.8 million (€95.4 million). Volumes were up 37 percent over the same period last year.

The company turned around its loss-making Atlantic salmon operations from the first quarter, moving EBIT/kg to $1.68 (€1.41), compared to a loss of $0.25 (€0.21) in the same quarter last year.

The company's coho farming operations struggled, however. EBIT/kg declined to $0.36 (€0.30) from $1.82 (€1.53) from the first quarter last year due to higher feed costs and biological issues.

Salmones Camanchaca expects Atlantic salmon harvest volumes for the year to range between 44,000 and 46,000 metric tons, with coho volumes projected to be between 10,000 and 12,000 metric tons.

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