Poor quarter for Blumar
Blumar's Q2 results show a significant decline in its performance due to a substantial drop in the average price per kg WFE, which fell from US$ 5.4 in Q1 2015 to US$ 4.9 FOB in the past quarter. At the same time, the sales cost increased from US$ 5.0 to US$ 5.7, while the ex-cage cost rose from US$ 3.8 to US$ 4.7 per kg WFE.
According to the information provided by the company, its revenues from Atlantic salmon to June 2015 reached US$ 85.2 million, representing a decrease of 39% compared with the first half of 2014, when the company had sales of US$ 139.8 million. This decrease is explained due to the 29% decrease in sales volume, reaching a total of 16,499 tonnes WFE, in addition to a lower average sale price of 14% for the sales mix, which averaged US$ 5.17/kg WFE.
EBIT pre fair value adjustment for this species was US$ 2.4 million, compared with US$ 27.7 million in the first half of 2014. At unitary level, EBIT pre fair value adjustment totaled US$ -0.14/kg WFE compared to the US$ 1.19/kg WFE achieved in the same period of the past year. These results are mainly due to the decline in the average price.
Meanwhile, as of June 2015 their torut farming operations recorded revenues of US$ 1.6 million, showing a 27% decrease over the same period of the past year. This is explained by the 46% increase in physical sales and a 50% decrease in the average price of the sales mix, averaging US$ 2.94/kg WFE, down from US$ 5.87/kg WFE last year. EBIT pre fair value adjustment was US$ -1.5 million, implying a result at unitary level of US$ -2.73/kg WFE compared to US$ 0.84/kg WFE registered in the same period of 2014.
Sales of Atlantic salmon and trout totaled US$ 86.8 million until June 2015, showing a decrease of 39% compared to the first half of 2014. The sales volume during the second quarter was 17,052 tonnes WFE, representing a decline compared to the 23,659 tonnes WFE sold during the same period of 2014. In turn, the average price of the sales mix was down 15% compared to the same period of last year. As of June this year, the total EBIT pre fair value adjustment was US$ -3.9 million, with an EBIT at unitary level of US$ -0.23/kg WFE, compared to the US$ 1.18/kg WFE posted in the first half of 2014.
