Camposol Holding has reported on its results for the fourth quarter of the year, with sales and earnings both climbing on the same period of 2010 as its investments starter entering into production.
Sales at the group came to US$52.3m, the Peruvian group noted, up 45.9 per cent on the prior-year period, while earnings before interest, taxation, depreciation and amortisation (EBITDA) soared 89.8 per cent to US$9.5m.
For the full-year of 2011, Camposol saw sales grow 40.7 per cent to US$167.8m, while EBITDA climbed 50.7 per cent to US$30.8m, mainly due to a significant increase in avocado price as a consequence of the opening of the US market, as well as higher grape volumes from the first harvest of fields planted in 2010.
'The US avocado market opened for Peruvian produce in July 2011 and the Company started its shipments immediately,' Camposol said. 'As planned, such an event had a material positive impact in this year's results.
'After its listing process in 2008, the Company directed most of its expansion projects in more than tripling its avocado planted area foreseeing that the US market, the largest and fastest growing market for avocado in the world, would open for Peruvian produce,' the group added. 'With only one-third of the new fields having given first harvest during this year, the results are in line with the Company expectations.'
Looking ahead, Camposol noted that it would continue to position itself in the UK market, and in other markets with high growth potential.
