Peru’s leading agricultural group Camposol has reported a 41 per cent growth in sales to US$36.4m for the first quarter of 2011, according to a company press release.
The increase is mainly attributable to a higher volume of asparagus, pepper, mango and shrimp sales as well as an increase in shrimp prices.
EBITDA before fair value adjustments (b.f.v.a.) was US$3.1m, down by 32.7 per cent in comparison to the first quarter of 2010.
The EBITDA margin also decreased to 8.5 per cent from 17.8 per cent in the first quarter of 2010 due to lower prices and higher selling expenses for mangoes and asparagus.
Annual EBITDA as of 30 March 2011 was US$18.9m compared with the US$11.9m recorded for the year ended 30 March 2010.
Meanwhile, Camposol said the market access process for Peruvian Hass avocados in the US is progressing.
On 4 April, the US Department of Agriculture’s (USDA) Animal and Plant Health and Inspection Service (APHIS) proposed the exemption of cold treatment for the fruit.
This proposal is now subject to a 30-day contestation period prior to final implementation.
Camposol is currently analysing new opportunities to consolidate its market leadership through the additional planting of current crops, the planting of new crops and the implementation of its strategic alliance with the Riberebro Group.
Going forward, Camposol said it will continue to focus on operational improvements and strengthening the financial position.
“Further costs reductions, working capital optimisation, debt reduction and liquidity and cash flow focus are all central to achieve profitable growth going forward,” the company explained.
In a further move, on 28 April Camposol appointed Samuel B. Dyer Coriat as the group’s chairman of the Board of Directors.
Samuel E. Dyer Ampudia, meanwhile, remains a member of the Board and also deputy chairman.
