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Copeinca (OSL:COP) Copeinca ASA increased its earnings before interest, taxes, depreciation and amortization close to six fold in the third quarter of 2008 when compared to the same period last year, at the same time near doubling its top line.
"This marks another quarter in which the effects of the company's delivered acquisitions are taking hold. With the transition to an individual quota system in Peru, expected within the first fishing season of 2009, the company expects these effects to improve even further" stated Copeinca ASA's CEO, Samuel Dyer Coriat
Copeinca ASA is in a healthy financial state with a sound cash position and good cash flow.
Copeinca ASA achieved an EBITDA of USD 27.4 million on revenues of USD 70.1 million in the third quarter of 2008 compared to an EBITDA of 4.6 million on revenues of USD 37.8 million in the same period the year before. Operating profit was USD 18 million in the third quarter of 2008 compared with a loss of USD 0.2 million in the same period of 2007.
In the first nine months of 2008, Copeinca ASA achieved an EBITDA of USD 62.5 million on revenues of USD 205.4 million. The corresponding figures for the same period in 2007 were USD 17.4 million and USD 80.6 million, respectively.
Volume sold during the third quarter was 64,840 MT (of which around 64,614 MT from Copeinca and 226 MT from acquired companies in 2007), up from 41,826 MT in the corresponding period in 2007.
Cost of goods sold during the third quarter was USD 573/MT, compared to USD 660/MT in the same period of 2007, and USD 636/MT in the first nine months of 2008.
Average prices of fishmeal in the third quarter were USD 988/MT, whereas for the first nine months average prices were USD 891/MT. The average prices of fish oil were USD 1,562/MT and USD 1,474, for the third quarter and the first nine months of 2008, respectively. Chinese demand for fishmeal is increasing on account of the pork industry being in full recovery following a major disease outbreak in 2007.
Copeinca is preparing for the second fishing season, commencing on November 15th The quota will be distributed in two periods allowing up to 1,000,000 tons each. Participation is expected at 16% in line with previous estimates.
Copeinca reiterates its previous prediction of an EBITDA improvement of 30-40% under an individual quota system, which is to be achieved through fleet and plant optimization and improvement in fishmeal quality within 2010.
Copeinca will be hosting a conference call presentation and Q&A session for investors, analysts and media today Tuesday, November 4th, 2008, at 4:00 p.m. (Central European Time (3:00 p.m. GMT, 10:00 a.m. EST, 7:00 a.m. PST). Please find presentation material and conference call details attached. The latter were also posted via www.newsweb.no (ticker; COP) and www.copeinca.com October 29th, 2008.
For further information, please contact: CEO Samuel Dyer, sdyerc@copeinca.com.pe CFO Eduardo Castro-Mendivil, ecastromendi@copeinca.com.pe Tel. (511) 213-4000
About Copeinca ASA Copeinca ASA is one of the largest fishmeal and fish oil producers in Peru. The Company produces its fishmeal and fish oil from anchovy harvested off the coast of Peru, and most of it's production is exported. Key countries for export are China, Japan, Germany, Canada, Chile and Denmark. Typical customers are fish and animal feed producers. Copeinca ASA runs its operations out of Lima and has its fleet. Copeinca ASA has 10 plants located in strategic locations all around the Peruvian coast line. The company has around 2,000 part and full time employees.
Please visit www.copeinca.com
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