Hortifrut doubles EBITDA in H1 thanks to multiple factors
Chile-headquartered berry company Hortifrut posted a 94% rise in EBITDA to US$45m during the first half of the year, thanks to numerous factors.
Net profit for the six-month period came in at US$8.5m, compared to a loss of US$16.1m last year.
The company said the strong EBITDA result was achieved thanks to better prices due to improved fruit quality, better margins in its frozen business and the maturing of investments made in Chile.
It also managed to reduce its costs in part due to the better quality and lower administrative and sales costs. In all, operating costs fell by 13% to US$213.2m.
On July 31 the merger between Hortifrut and Alifrut was finalized, combining their frozen product operations for export in equal parts, forming Vitafoods.
Last month, Hortifrut secured a loan agreement of US$101m to refinance short-term liabilities.
The company said it had maintained its commitment to supply berries every day throughout the pandemic, and that the farms where it is currently harvesting in Peru, Chile and Mexico had not been largely affected by the crisis.