Camposol Looks to Future Exotic Produce Demands Post Q1 2015 Financial Report

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Tue. May 19th, 2015 - by Jordan Okumura-Wright

FORT LAUDERDALE, FL - Camposol’s first quarter for the 2015 fiscal year was released by the company yesterday.

Samuel Dyer Coriat, Executive Chairman of Camposol Holding Ltd."The Company expects to continue its diversification strategy by increasing the production in the F&V Segment (blueberries) and Seafood Segment (shrimp farming), as well as continue to reinforce our Trading Segment (direct sales to retailers), adding value to its clients through commercial, marketing and service initiatives which should result in higher margins,” Samuel Dyer Coriat, Executive Chairman of Camposol Holding Ltd., said in a press release. “Within the next 2 years, we will see an important growth in our volumes (blueberries, shrimp and avocados), without additional substantial CapEx."

While Camposol reported lower figures for the start of the fiscal year, it cited that this time is lower than the rest of the year due to one of its largest products, avocados, being produced mostly in its second and third quarters.

The company, however, reportedly sold 24,598 net metric tons (MT) during the first quarter of 2015, up 0.9% from Q1 2014, which it contributed mostly to an increase in volumes for blueberries, as well as shrimp and other seafood products.

Contributors and key factors included:

  • Volume sold during Q1 2015 was $24,598 net MT, up 0.9% from Q1 2014 due to increased volumes of blueberries and seafood products, as well as lower volumes of asparagus and mangos.
  • Average price was USD $2.92 per net KG, up 17.7% from the same period in 2014 due to increased prices of preserved white asparagus, blueberries, and fresh mangoes.
  • Sales of USD $71.7 million, up 18.6% from Q1 2014 mainly due to increased peppers and seafood products volumes sold.
  • Average cost of goods sold during Q1 2015 was USD $2.42 per net KG, up 37.5% from same period last year due to costs of asparagus, shrimp and peppers increasing to lower yields.
  • EBITDA of USD $1.5 million, 79.7% lower than Q1 2014 due to lower fresh mangoes and preserved white asparagus volumes, plus increasing cost of goods sold of shrimp and preserved peppers. EBITDA margin for Q1 2015 decreased to 2.1%. 

During this period, the company reportedly recorded an EBITDA of USD $1.5 million, 79.7% lower when compared to the same period 2014, and a loss for the period of USD 2.0 million, having experienced a profit of USD $1.1 million in 2014.

Looking forward, the company stated in the release that the long-term growth prospects for exotic fruits and vegetables markets are excellent. Avocados and blueberries consumption is reportedly growing, with headroom for increased per capita consumption in key markets. Overall, it expects good demand for all fresh produce in general, for avocados specifically, in both the United States and Europe.