Camposol's 2nd quarter results down, but in line with expectations
Camposol Holding Ltd. reported sales of USD 54.2 million during 2nd quarter in 2016, down 6.1% from same quarter the year before. Average cost of goods have increased, for example higher costs for asparagus, despite higher prices for blueberries and avocados.
EBITDA during this quarter was USD 6.1 million, down 14.6% from the 2nd quarter 2015.
The Company expects to continue its diversification strategy by increasing the production in the F&V Segment (blueberries) and Seafood Segment (conversion of shrimp ponds), as well as continue to reinforce the Trading Segment (direct sales to retailers), adding value to its clients through commercial, marketing and service initiatives which should result in higher margins.
"Second quarter results are in line with our expectations including the effects of our recently declared discontinued operations. We are keeping our renewed focus on our fresh and frozen business and a positive outlook for the year, especially on our avocado and our growing blueberry business. We are grateful to our shareholders for the confidence placed on us as we continue working hard in making Camposol a world-class company", stated Manuel Salazar Diez Canseco, CEO of Camposol Holding Ltd.
The long-term growth prospects for exotic fruits and vegetables markets are excellent. Avocados and blueberries consumption is growing, with headroom for increased per capita consumption in key markets. The Company expects good demand for all fresh produce in general in both the United States and Europe.