Revenues down for Copeinca

According to a report from the company the volume sold during the first nine months of the year was 199,753 MT compared to 203,374 MT in 2008. Revenue per ton was USD 855 as of September 30, 2009, down 16.56% from USD 1,025 as of September 30, 2008. Operating profit was USD 24.1 million compared to the operating profit of USD 37.1 million for the same period in 2008 Cost of goods sold (COGS) in the third quarter 2009 was USD 519/MT (41.4 million), down from USD 573/MT (37.2 million) in the corresponding period of 2008 due to changes in raw material cost, fishing ban period expenses and other expenses. In the third quarter 2009, Copeinca ASA reached an EBITDA of USD 27.4 million on revenues of USD 68 million. The corresponding figures for 2008 were USD 26.3 million and USD 70.1 million, respectively. Revenue per ton was USD 853 during the third quarter 2009, down 21% from USD 1,081 in Q3'08. During August, the Fish Corp frozen plant was sold to PFB Centinela, a Peruvian fishing company. The sale of the plant and its land generated revenues of USD 5 million against a book value of 4.7 million. As of September 30, 2009, Copeinca sold one plant and has 3 other non-operating plants out of 12 plants operated before the implementation of the new ITQ-system. Management plans to operate only 5 plants and around 25 vessels out of 64 during the second fishing season. COPEINCA started its second fishing season with ITQ on November 6, with maximum allowable catch limit of anchovy for indirect human consumption of 2,000,000 MT. About Copeinca ASA Copeinca ASA is one of the largest fishmeal and fish oil producers in Peru. The Company produces its fishmeal and fish oil from anchovy harvested off the coast of Peru, and most of its production is exported. Key countries for export are China, Japan, Germany, Canada, Chile and Denmark. Typical customers are fish and animal feed producers as well as refineries for omega-3 products. Copeinca ASA runs its operations out of Lima and has its own fleet. Copeinca ASA operates 6 plants located in strategic locations all around the Peruvian coast line. The company has around 2,000 part and full time employees.