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Ventisqueros earnings fall on higher costs

Overall performance worsened in 2018, but parent group says results were 'satisfactory.'

Chilean Atlantic and coho salmon farmer Ventisqueros reported a fall in earnings in 2018 due to higher costs compared with the year prior, according to the latest report by parent Schorghuber Corporate Group.

Earnings before interest, taxes, depreciation, and amortization (EBITDA), fell 29.5 percent to €40.6 million ($46.3 million).

Meanwhile, sales fell 10.5 percent to €183.4 million ($209 million).

“Overall, breeding conditions were stable in the year under review,” the group said. “However, the low production costs from the previous year could not be entirely maintained.”

The prescribed fallowing periods for the sites used the year prior forced the company to move operations to other facilities with worse conditions, which affected production performance.

Over the year, Ventisqueros invested in the modernization of its processing facilities, adding new lines for coho salmon processing in its Chincui plant.

Despite the lower results, the parent group said it was a “satisfactory year” for Ventisqueros.

The salmon business contributed €30.3 million ($34.5 million) to the parent group’s profits.

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