Low avocado prices hit Camposol profits

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Maura Maxwell

BY MAURA MAXWELL

@maurafruitnet

Low avocado prices hit Camposol profits

Third quarter EBITDA down by 74.3 per cent on previous quarter

Low avocado prices hit Camposol profits

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Camposol has reported sales of US$61.3m for the third quarter of 2014, down 2 per cent from the same period last year. The company said this was principally due to lower prices of avocados.

EBITDA was down 74.3 per cent on the second quarter but a 30.8 per cent increase in volumes of avocados, mangoes and shrimps helped push EBITDA up 5.9 per cent to US$27.8m on the year-earlier period. EBITDA margin for the third quarter decreased to 6.8 per cent due to lower avocado prices compared to the 2013 season.

Average price for the third quarter fell by 1.6 per cent to US$2.45 per net kg; again this was mainly explained by a decrease in prices of avocados. As of 30 September 2014, the company maintained a cash balance of US$33.9m.

Despite the fall, the company said in a statement that the long-term growth prospects for exotic fruits and vegetables markets are excellent. “Avocadoes and mango are growing, with headroom for increased per capita consumption in key markets,” the statement said. “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.”

 

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