Multi X back in the black

Higher salmon prices and a bigger harvest enabled Chilean producer Multi X to get back in the black in the second quarter of this year.

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The salmon farmer, formerly known as Multiexport Foods, made an operating profit of US $20.9 million (£15.2m), a turnaround of $36.2m compared to the $15.3m loss recorded in Q2 2020.

Multi X reported a turnover of $150.3m, a figure 73.4% higher than the same period of 2020 and 11.9% more than in Q1 this year.

21,570 tonnes

The company harvested 21,570 tonnes whole fish equivalent of Atlantic salmon, a year-on-year increase of 27.2%. The average weight was 5.05 kg WFE, similar to previous quarters, with a harvest cost of $3.89 / kg WFE, 3% higher due to increased feed prices.

EBIT reached $14.4m, a recovery from losses of $10m loss in Q1 2021 and $20.9m in Q2 2020. The improvement was largely the result of a much better average sale price ($6.17 / kg WFE versus $4.40 / kg). EBITDA for the period reached $20.0m.

Consolidated profit for the period, before fair value adjustment, was $6.6m, compared to losses of $22.3m in the same period last year and $10.6m in Q1 this year.