Hortifrut recorded an EBITDA of US $ 25.07 million in the first quarter 2020, i.e. 49.33% higher than the US $ 16.79 million obtained in the first quarter of 2019. This higher EBITDA is mainly due to better sale prices, a decrease in operating costs, and a decrease in other expenses, by function. Additionally, given Hortifrut's extensive network of markets and clients, the company was able to redistribute the fruit destined for China to other markets during the COVID-19 outbreak in that country in January and February 2020.
Likewise, during the first quarter of 2020, the owners of the parent company recorded a profit of US $ 1.38 million, which represents an increase of US $ 6.54 million when compared to the same period in 2019. The higher profit is mainly due to a better gross margin of US $ 5.09 million, as a result of a decrease in costs that was proportionally greater than the lower sales revenue due to the decrease in the volume of Peruvian fruit marketed in the period, and to a US $ 6.10 million decrease in other expenses, by function.
It should be noted that at the end of the first quarter of 2020, operating costs totaled US $ 151.49 million, i.e. 20.53% less than the US $190.63 million recorded during the first quarter of 2019.
In turn, revenue from ordinary activities reached US $176.62 million in the first 3 months of 2020, which is 16.16% less than in the same period of 2019. This decrease was mainly due to a 16.90% drop in the volume traded due to earlier pruning in Peru, whose fruit supply did not join the Chilean fruit supply during the period. The lower volume was partially offset by a 9.11% increase in the average price per kilo, which went from US $6.96/kg to US $7.60/kg.
During the first 9 months of the 2019/20 season revenue from ordinary activities remained in line with the same period of the previous season, totaling US $477.55 million.
The EBITDA during the first 9 months of the 2019/20 season amounted to US $ 101.01 million, i.e. 1.34% higher than the US $ 99.67 million EBITDA registered in the same 9 months of the previous season. This growth was mainly due to the 13.60% increase in the volume traded during the period, partially offset by the 8.07% reduction in the average price per kilo. Additionally, the period shows a decrease in costs and expenses before depreciation (-US $ 5.26 million) that is proportionally greater than the decrease in income (-US $ 3.93 million), mainly due to the decrease in income from services and other areas.
For more information: www.hortifrut.com