Peruvian agricultural leader Camposol has announced that sales hit US$29.7m during the second quarter of the year (Q2), up 9.9 per cent on the same period of 2011, with revenues coming in 24.7 per cent higher at US$66.1m.
According to the group, the increase in sales is mainly the result of higher sales volumes and prices of the group's flagship product, asparagus, while there were increases in prices for both peppers and avocados.
However, earnings before interest, taxation, depreciation and amortisation (EBITDA), and before fair value adjustments, stood at US$3.1m, down on the US$5.1m in the second quarter last year. EBITDA margin dropped to 10.3 per cent, predominantly the result of lower mango results, the group said.
Camposol highlighted the fact that, as of July 2011, the US requirement for a quarantine treatment that affects the ripening of avocados was removed, with the group having sent 30 containers of the fruit to the US by 11 August.
'Camposol expects that the increase in avocado harvest the coming years, based on the growth expected from current planted areas reaching fully productive stages, will mainly be exported to the this market,' the group noted.
Looking ahead, the company is to focus on operational improvements and strengthening its financial position, while reducing costs and obtaining additional sources of long-term financing.
'Even though first semester (half) results are a bit disappointing, the company has strengthened its processes to complement its strong fundamentals, which combined with the opening of the US market for our avocados and positive price trends for other products give us enough reason to expect important improvement in results for year-end,' said Fabio Matarazzo, CEO of Camposol Holding Plc.
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