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Chilean salmon farmer Invermar’s profits slumped by 59% in the first half of 2018 compared to the same period in 2017 because of the effects of harmful algal blooms at the start of this year.

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At the end of June 2018, the company recorded profits of US$5.8 million, less than half the profit made in H1 2017. The company said the variation is significantly explained by registered HAB events at the beginning of this year, which had with a negative effect of $5.2m and a negative net effect after fair value adjustment of $4.2m. 

Other figures were largely similar year-on-year. Invermar’s operating income was $114.9m, ($117.1m H1 2017), while EBITDA before fair value adjustment was $26m ($26.3m H1 2017), the company reported to the Commission for the Financial Market (CMF).  

In the second quarter of 2018, Invermar’s revenue was $50.1m, a decrease of 4% on the same period last year. The income drop corresponds to a decrease in international prices. However, second quarter profits reached $7m, $681,000 higher than the same period of 2017.

Invermar achieved record harvests in the first half of 2018, reaching a WFE harvest level of 15,981 tonnes, up from 14,979 tonnes in the same period of 2017.

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