Kraftig bedring fra Copeinca

Fiskemelprodusenten Copeinca ASA oppnådde i første kvartal 2010 et resultat før skatt på 4,15 millioner dollar, mot -7,34 millioner dollar i første kvartal 2009.

Copeinca hadde i første kvartal 2010, en omsetning på 58,69 millioner dollar, mot 41,72 millioner dollar i samme periode i år 2009, opplyser selskapet i dag i en børsmelding.

På den ordinære generalforsamlingen 18. mai 2010. ble det vedtatt å dele ut 0,85 dollar, tilsvarende 4,94 kroner, i utbytte pr. aksje (børsmelding 18. mai), og aksjen handles ex. utbytte fra og med i dag 19. mai.

Fra regnskapsrapporten:
Copeinca ASA achieved an EBITDA of USD 18.5 million on revenues of USD 58.7 million in the first quarter 2010 compared to an EBITDA of USD 5.6 million on revenues of USD 41.7 million in the same period the year before. Operating profit was USD 8.4 million compared to the operating loss of USD 2.0 million for the same period in 2009.

Volume sold during the first quarter 2010 was 42,369 MT vs. 51,209 MT of fishmeal in the first quarter of 2009.

Cost of goods sold during the first quarter 2010 was USD 877/MT up from USD 692/MT in the corresponding period of 2009, mainly due to an increase in costs of third party raw material.

Revenue per ton (fishmeal and fish oil) for the first quarter 2010 had an average of USD 1,385/MT up from USD 815/MT in the first quarter of 2009. Fishmeal price had an average of USD 1,377/MT vs. USD 779/MT in the first quarter of 2009 and fish oil price was USD 901/MT vs. USD 538/MT in the same period the year before.

During the first quarter 2010, Copeinca placed USD 175 million, 9 percent coupon bonds due 2017. The bonds were oversubscribed with demand reaching around USD 700 million. The net proceeds from the bond issue have been used to refinance the existing USD 120 million medium term financing facility of COPEINCA, to finance its capital expenditures and for general corporate uses.

– Copeinca has experienced the first two fishing seasons with ITQ, and we have started to see the improved efficiency the new system allows. Through a significant reduction in the assets needed to operate and a substantial increase in quality and freshness of our products, we confirm an improved profitability of 30percent to 40 percent when compared with the old system. We expect to be able to deliver that promise in 2010, says CEO Samuel Dyer Coriat.

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 its production is exported. Key countries for export are China, Japan, Germany, Canada, Chile and Denmark. Typical customers are fish and animal feed producers as well as refineries for omega-3 products. Copeinca ASA runs its operations out of Lima and has its own fleet. Copeinca ASA operates 6 plants located in strategic locations all around the Peruvian coast line.The company has around 2,000 part and full time employees. Kilde: Copeinca ASA.