Peruvian fresh produce giant Camposol has reported on its results for the opwning quarter of the year, with earnings higher than the same period of 2015, but sales dropping.
The group reported earnings before interest, taxation, depreciation and amortisation (EBITDA) of US$7.7m, 417.1 per cent higher than the opening quarter last year, attributed to higher volumes of blueberries and mangos, as well as a seafood segment turnaround.
However, Camposol reported sales of US$65.7m in the first quarter of 2016, down 8.4 per cent year-on-year.
The company sold 19,878 tonnes during the quarter, down 19.2 per cent, mainly explained by a decrease in volumes of asparagus, peppers and artichokes.
'First quarter results were good and in line with our expectations,' said chief executive Manuel Salazar Diez Canseco. 'By year-end, the Company results will reflect an important increase of our blueberries segment as well as the outcome of our continued work to increase our bottom line. We are grateful to our stakeholders for the confidence placed in us, we will continue making of Camposol a world-class company.'
Camposol expects to continue its diversification strategy by increasing the blueberries production and by increasing the conversion of shrimp ponds in the Seafood segment.
The company also expects to continue to reinforce the trading segment through more direct sales to retailers, adding value to its clients through commercial, marketing and service initiatives, which should result in higher margins.
The long-term growth prospects for exotic fruits and vegetables markets are 'excellent', the group noted. Avocados and blueberries consumption is growing, with headroom for increased per capita consumption in key markets.
In the case of asparagus, although consumption is stable, supply is falling due mainly to reduced exports from China. The company expects good demand for all fresh produce in general and for avocados specifically in both the US and Europe.
