Margin drops for Copeinca
Copeinca ASA achieved an EBITDA of USD 9.8 million on revenues of USD 47.5 million (56,175 MT) in the fourth quarter 2007 compared to an EBITDA of USD 14.5 million on revenues of USD 26.4 million (24,195 MT) in the same period the year before. Operating profit was USD 2.3 million in the fourth quarter 2007 compared with a profit of USD 9.2 million in the same period of 2006. Sales revenues for the year were USD 128.1 million compared to USD 90 million in the year 2006. Volume sold was 135,231 MT up from 93,690 MT in 2006. Volume sold in 2007 was 135,231 MT (of which 85,000 MT Copeinca and 50,000 MT from targets acquired companies in 2007), up from 93,690 MT in 2006. Copeinca ASA, Fish Protein, Pesquera San Fermin and Subsidiaries, Fish Corporation, Frigorifico Alianza, Pacific Fishing Business and Pesquera Industrial El Angel were fully consolidated within the fourth quarter. Copeinca aims to have 100% of its operating companies merged within March 2008. In the fourth quarter 2007, Copeinca ASA finished second in the second fishing season of the year with a total own fleet catch of 235,841 MT, 11.03 percent of total catch and 16.53 percent of total fish processed in its plants. Fish oil production had a 3.7 percent yield. Copeinca produced 78,384 MT of fishmeal and 12,982 MT of fish oil. As per 31 December 2007, Copeinca ASA controls 12 plants with a total plant capacity of 1,288 MT/hr (14.5% of total Peruvian plant capacity) and a fleet comprising 65 vessels and a capacity of 21,935 cubic meters (10.4% of total Peruvian fleet capacity). This compares to a total of 5 plants with a total plant capacity of 1,288 MT/hr (14.5% of total Peruvian plant capacity) and 65 vessels with a capacity of 21,935 cubic meters (10.4%) in December 2007.
