Leading Peruvian agricultural group Camposol has reported on a huge jump in sales and earnings for the third quarter of 2011, as a later avocado harvest and the opening of the US market to the country's Hass avocados resulted in record numbers.
Sales for the three-month period came in at US$49.4m, growth of 62.3 per cent on the previous campaign due to a jump in avocado sales, with over 55 per cent of harvested volumes concentrated in the third quarter following a delayed season.
Earnings before interest, taxation, depreciation and amortisation (EBITDA) before fair value adjustments soared by 165 per cent on the same period of 2010, up to US$15.1m, with EBITDA margin increasing to 30.5 per cent from 18.7 per cent.
As of 30 September 2011, nine-month sales came to US$115.5m compared with US$83.5m last year, while EBITDA climbed 38 per cent to US$21.3m.
'Last twelve months (LTM) EBITDA of USD 26.3m (at the end of the third quarter) clearly reflects Camposol's growth during 2011 as a result of our focus on developing our avocado planted area foreseeing that the US market, the largest and fastest growing market for avocado in the world, would open for Peruvian produce,' said Samuel Dyer Coriat, executive chairman of the board of directors of Camposol Holding Plc. 'With only one third of the new fields having given first harvest during this year, the results are in line with the Company expectations.'
