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AquaChile posts stronger earnings after dissolving the Benchmark JV

The Chilean salmon farmer was acquired by Agrosuper in the beginning of this year.

Chilean salmon producer AquaChile's earnings surged about 21 percent in the first six months of this year compared to last year due to increased volumes of fish sold at a higher selling prices.

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Earnings before interest, tax, depreciation and amortization (EBITDA) climbed to $76.5 million (€69.2 million) during the first half of this year.

Revenues also surged about 47 percent compared to the same period last year to $492.4 million (€445.4 million) due to higher sales volumes of Atlantic and Pacific salmon. Trout sales, however, dwindled because of lower export prices.

The company's costs and expenses rose 21 percent during the first half of this year because of the acquisition of Salmones Magallanes as well as an increase in storage, shipping and refrigerating expenses driven by the higher volumes sold to the market during the period.

AquaChile announced the acquisition of Salmones Magallanes for $259 million (€227.9 million) back in 2018.

Early this year, Chilean agro-fiant Agrosuper completed its acquisition of AquaChile for $850 million (€747.8 million), marking another consolidation milestone in the Chilean sector.

As a result of that, the aquaculture health, nutrition and genetics business Benchmark dissolved its joint venture with AquaChile in June to pursue its own strategy in the market, independent of the Chilean salmon farmer.

AquaChile sold all its shares in the feed company Alitec Pargua to the Danish feed giant BioMar for $17 million (€15.3 million) which materialized in June of this year and thus lead to a lower disbursement in investment activities in the financial report.

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