Camposol Holding Plc. reported sales of USD 40.0 million in the second quarter of 2012, up 34.5% from the corresponding period last year, mainly due to higher volumes and prices, in the amount of 5.8% and 27% respectively.
For the first six months, the revenues amounted to USD 77.5 million this year (66.1). The main reasons for the increased revenues during the first half of 2012 were higher selling prices of around 30%, which were partly offset by lower volumes sold of around 10%.
EBITDA before fair value adjustments (b.f.v.a.) was USD 3.5 million and USD 7.1 million for the second quarter and first half year respectively, up from USD 3.0 million and USD 6.2 million in the corresponding periods last year.
For the first half of the year, the gross profit increased to USD 20.4 million (19.2), which resulted in a gross margin of 26.3% (29.0%), slightly lower than during the same period the year before mainly due to lower volumes sold and thus higher unitary costs.
On June 7th, the Company announced an offer to repurchase own shares. As of June 16th, after the settlement of the offer, Camposol Holding Plc and its subsidiaries own 2,968,502 own shares, equivalent to approximately 9.95% of the total shareholding.
The long term growth prospects for exotic fruits & vegetables markets are excellent. Avocado and mango are growing, with headroom for increased per capita consumption in key markets. In the case of asparagus, although consumption is stable, supply is falling due mainly to reduced exports from China.
Company expects good demand for all fresh produce in general and for avocado specifically in both the United States and Europe. The Company is currently focused on adding value to its clients through commercial, marketing and service initiatives which should result on higher margins.
Additionally, CAMPOSOL is analyzing new opportunities to consolidate its leadership through additional planting of current crops, planting of new crops, strategic alliances and acquisitions.
CAMPOSOL will continue positioning itself in the US market, the largest and fastest growing market for avocado in the world, now open for Peruvian produce and in other markets with high growth potential.
There has been a mild "El Niño" effect during 2012 which has caused us to experience a warm winter. This lack of cold hours needed for the growth of the plants had a negative effect on our volumes of avocado this year and will affect those of asparagus in the fourth quarter.
Executive Chairman Samuel Dyer Coriat and CFO Jorge Ramirez will host a conference call today, Wednesday August 15th at 04:00 pm CET/ 09:00 am Lima. For details on the conference call, please visit Camposol's website: www.camposol.com.pe
Please see the full report and presentation enclosed (or click on the links below of this release if received by e-mail).
For further information, please contact:
| Executive Chairman, Mr. Samuel Dyer Coriat | sdyerc@camposol.com.pe | ||
| CFO, Mr. Jorge Ramirez | jramirez@camposol.com.pe | ||
| Phone: | +511 621-0804 | ||
| Fax: | +511 221-4478 | ||
About CAMPOSOL
CAMPOSOL is the leading agro industrial Company in Peru, involved in the cultivation, processing and commercialization of agricultural products such as asparagus, peppers, avocados, mangos, grapes and easy peelers. These are exported as fresh, preserved or frozen products mainly to markets in Europe and the United States of America. CAMPOSOL encompasses a totally integrated business from the production of raw material in the fields to processing in the industrial plant and subsequent commercialization in Europe and the United States. CAMPOSOL has 24,216 own hectares of which about 7,217 are already used for agricultural purposes, operates in 2 different locations in the Peruvian coast, and has one fully owned processing plant for fresh, preserved and frozen products. The Company has on average 10,000 part and full time employees.
Please visit www.camposol.com.pe
