Chilean salmon farmer Salmones Camanchaca posted second quarter earnings before interest, taxes, depreciation, and amortization (EBITDA) of $25.7 million (€25.2 million), up from a $10.6 million (€10.4 million) loss in the same period last year.
Revenue rose 93 percent to $97.4 million (€95.5 million), almost double last year, lifted by higher prices and a sales volume increase of 36 percent, the company said.
Harvest volume of Atlantic salmon for the quarter totaled 12,446 metric tons, also close to double the second quarter in 2021.
The increase reflects lower mortality rates and improved feed conversion after algal blooms and oxygen deficiencies hit the company in 2021.
Biomass mortality in the second quarter for Atlantic salmon was 1.7 percent, indicating that mortality is returning to normalized levels. The feed conversion ratio for the last 12 months was 1.13, the lowest level ever for Salmones Camanchaca.
Estimated harvest volumes for 2022 are between 50,000-53,000 metric tons, comprising 45,000-47,000 metric tons of Atlantic salmon and 5,000-6,000 metric tons of coho salmon.
Despite the return to profitability, Salmones Camanchaca CEO Ricardo Garcia noted that inflationary pressures, particularly on feed, would increase costs above earlier long-term estimates.
Despite the positive result, trouble may be on the horizon for the Chile's salmon farmers, President Gabriel Boric, who took office in March, is proposing a moratorium in some areas on new salmon concessions until the government is able to assess the risk of damage to the sea floor from salmon farming activities.
