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The world’s second-largest salmon farmer, AquaChile, left last year’s losses behind by making an operating profit of more than US $251 million (£188m) in the first nine months of 2021 thanks to higher prices and demand.

The company’s revenues in the period amounted to $891.3m, a 17.1% increase on the $760.7m earned from January to September 2020.

Net profit was $123.2m, a turnaround from a loss of $251.2m in the nine months of last year.

Parent company Agrosuper stated: “There has been a recovery in demand in relevant markets such as the USA, Brazil and China. That, added to the advances in capturing synergies derived from the integration with the salmon producing companies acquired in 2018 and 2019, has generated a positive effect on the margins of the aquaculture business, which is projected to continue improving.”

Logistical problem

Agrosuper, which is Chile’s leading meat producer, added: “It is important to mention that at present in the world there is a logistical problem and supply of inputs, which together with the increase in the price of grains, have affected our margins. However, given the current demand for protein, these cost increases have been transferred to price.”

AquaChile produces around 248,000 tonnes of salmon annually.