Peru: Camposol results take a dive in Q4 -

Peru: Camposol results take a dive in Q4

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Peru: Camposol results take a dive in Q4

A seven-fold rise in avocado profits was not enough to offset dramatic falls in financial performance for Camposol's asparagus, grape and mango exports in the fourth quarter of 2014. esparragos_24554209 panorama

The produce multinational's EBITDA was down by a whopping 59.1% year-on-year for the period, reaching US$6.7 million.

In a release, the company said this was explained by lower volumes of preserved asparagus and mangoes, as well as lower prices of shrimp and grapes.

"EBITDA margin decreased to 9.2% in the fourth quarter of 2014 from 20.2% in Q413," Camposol said.

The asparagus category was responsible for a US$4.48 million drop in gross profit, representing a fall of two thirds for the signature crop.

Meanwhile, grape profits were almost cut in half at US$3.82 million and the impacts of El Niño led the mango business to record a gross loss of US$71,000, down from a gross profit of US$347,000 in the fourth quarter of 2014.

The result would have been much worse if it weren't for a buoyant display from the avocado category, with gross profit hitting US$3.93 million compared to US$527,000 last year.

The fall in EBITDA was not as pronounced for the full year of 2014, dropping 19.1% to US$34.5 million - a result that was also influenced by one-time advisory fees and personnel expenses.

The company also acquired seafood companies INY SA and Pesquera ABC S.A.C. on Nov. 17, which together amount to revenues of US$43.8 million and an EBITDA of US$4.9 million. After these purchases, Camposol now owns around 1,300 hectares dedicated to shrimp farming, as well as three processing plants.



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