Camposol's notes "strong performance" in 2019 - FreshFruitPortal.com

Camposol notes "strong performance" in 2019 despite challenges

Camposol's financial performance in the fourth quarter of 2019 was affected by lower avocado volumes than the previous year and greater blueberry price contraction.

However, CEO Jorge Ramirez Rubio said the company had been able to maintain a "strong performance" in 2019 despite these challenges.

"Despite an off-year in avocado due to its alternate bearing cycle and the more competitive blueberry environment, we have been able to keep a strong performance in 2019, which led us to successfully issue an international bond in early 2020, which will improve our financial flexibility and liquidity, which are key financial variables given the global volatility caused by the Covid-19 epidemic" Ramirez said.

EBITDA from continuing operations during the fourth quarter amounted to US$120.2m, down from US$152.9m, while its total profit for the period was US$83.6m, down from the US$86.7m.

Camposol's gross profit in the avocado segment fell to US$22.5m from US$55.9m, while gross profit in blueberries was stable at US$97.8m compared to US$98.8m.

The company says it continues executing its strategy to become a year-round supplier of fresh fruit, complementing its Peruvian window operations with investments in Colombia, Uruguay and lately in Chile and capitalizing on its commercial and logistic platforms.