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Santiago, Chile-based Salmones Camanchaca has reported a revenue hit due to lower demand and pricing for the company's salmon products as a result of the COVID-19 pandemic.
In 2020, Camanchaca's revenue dropped 52.7 percent to USD 65.8 million (EUR 54.5 million) while expenses remained relatively flat at USD 5.2 million (EUR 4.3 million), bringing earnings before interest, taxes, debt, and amortization (EBITDA) to a USD 8.7 million (EUR 7.2 million) loss. The company had posted revenue of USD 37.5 million (EUR 31.1 million) in 2019.
Net losses in Q4 2020 reached USD 7.5 million (EUR 6.2 million) versus net profits of USD 16.1 million (EUR 13.3 million) in Q4 2019.
“In this unique pandemic context, affecting production and markets, Salmones Camanchaca was able to maintain business continuity on both sides, reinforcing its competencies to effectively address challenges of various natures,” Salmones Camanchaca Vice Chairman Ricardo García said in a statement released on the Oslo Bourse. “Our main objectives were protecting our employees' health and their families, and with them, the health of the company. We did it and with it, became more efficient and flexible to exploit future market opportunities, one of which is a favorable consumer new trend: they eat salmon at home, a super-simple and superfood protein. That will add several kilos of salmon consumption once restaurants are fully open during this coming Northern [Hemisphere] summer time.”