Camanchaca Posts 30% Decline in Q1 Earnings; Expects Little Production Issues from Calbuco Eruption
SEAFOODNEWS.COM [Techno Press] May 20, 2015
Major Chilean salmon producer and fishing company Camanchaca reported a net loss in earnings for the first quarter due to lower salmon prices and a a delayed start to pelagic harvesting. The company also said it successfully transferred fish fry from its farming regions impacted by volcano Calbuco's eruption last month and does not expect major changes in its production schedule through 2017.
Camanchaca posted $4.1 billion in earnings in the first quarter down 30 percent from the same time last year.
"We are not satisfied with these results," said Camanchaca General Manager Ricardo Garcia. "[This was] a combination of lower than expected salmon prices and a slow beginning to the fishing season that comes with lower fees and the sale of an asset at a loss, all situations that we consider temporary or non-recurring."
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