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August 17, 2013

Peru

Profits Up 93% at Camposol’s Shrimp Farm

 

Peruvian fruit, vegetable and shrimp farmer Camposol saw profit at its shrimp division soar 93% in the second quarter of the 2013, boosted by a 29% hike in prices.

 

The company—Peru’s second largest shrimp farm, with 635 hectares of shrimp ponds—said its average weighted price per kilo for shrimp increased to $11.03 in the second quarter of the year, compared with $7.73 a year ago.

 

For the first half of 2013, prices were up 28%, from $8.08 to $11.2 per kilo.

 

Camposol sold 1,046 metric tons of shrimp in the first half of the year down 27.5% from 1,412 tons during the same period in 2012.  The net average price per kilo was up 36.6%, to $10.67.  It did not give an explanation for the drop in its shrimp volumes, but said the price increase was due to early mortality syndrome in Asia.

 

Camposol is controlled by the Dyer Coriat family, which owns the fishmeal producer Copeinca, now in the process of being sold to the China Fishery Group.  China Fishery also owns an 11.3% stake in Camposol, which it acquired from Ivan Orlic, whose holding Ocean Harvest also sold a 9.33% stake in Copeinca to China Fishery.

 

In June 2013, Camposol hired Credit Suisse to “explore strategic alternatives” to improve distribution and marketing operations in the USA.  In August, Camposol announced that it would set up its first North American office in Pompano Beach, Florida.

 

For the quarter, the company said its shrimp operations made a gross profit of $2.25 million, up 93% year-on-year, on revenues of $7.8 million, up 18%.  Gross profit for the first half was up 35% to $3.17 million, on revenues that rose 8.6% to $11.7 million.

 

Source: Undercurrent News [Undercurrent offers eight free news reads every month to registered readers]. Editor, Tom Seaman (undercurrent@undercurrentnews.com).  Peru Producer’s Shrimp Profit Booms on 29% Price Hike.   August 16, 2013.

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