High prices and favorable weather conditions helped push up Chile-based berry multinational Hortifrut’s profits by 35% during the first nine months of 2016.
The company said its EBITDA rose to US$45.9 million year-on-year through September, while sales also grew 19% to US$275 million over the same period.
Hortifrut said harvest delays of Chilean and Argentine fruit from the final part of last year to the start of 2016 were partly responsible for the high profits.
In addition, it said average prices had increased during the third trimester of this year thanks to South American fruit being exported earlier than normal and taking advantage of strong market conditions. Good weather had also impacted positively on fruit quality and volume, it added.
The company’s volumes rose 8% over the period to 34,333 metric tons (MT), while average per-kilo returns on berries were up 10%.
Sales of fresh blueberries, raspberries, blackberries and strawberries represented 89% of the company’s earnings, with the rest coming from value-added products.
The company highlighted it had invested US$25.2 million during the first three trimesters of 2016, mainly on new plantations, infrastructure and maintenance of existing production sites.