Camposol posts 165% rise in gross earnings in Q3
Exporter Camposol posted gross earnings of US$15.1 million for the third quarter - a 165% year-on-year increase - thanks to heavy U.S. demand for Peruvian Hass avocadoes.
Its gross earnings margin for the quarter was up 30% due to high avacado sales, which it said delivered the highest profit margin in the company's portfolio.
Sales reached US$ 49.4 million, which represents a 62% year-on-year increase.
In an announcement, the company said its high sales figures for this quarter were partly due to a delay in harvesting avocadoes, which meant more than 55% of its harvest was concentrated in the third quarter.
Executive chairman Samuel Dyer Coriat said earnings before interest tax depreciation and amoritisation (EBITDA) for the 12 months up to Sept. 30 this year stood at US$26.3 million compared to US$18.1 million in 2010 - a 45 % rise.
"This clearly reflects Camposol's growth during 2011 as a result of our focus on developing our avocado planted area foreseeing that the U.S. market, the largest and fastest growing market for avocado in the world, would open for Peruvian produce," he said.
He added the results were in line with company expectations given that only one third of the new fields produced harvests this year.
Camposol was upbeat about future expansion and said it would be planting new crops, forming strategic alliances and acquisitions with its eye firmly on the U.S.
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