Chile-headquartered fruit company Hortifrut saw a 14% decline in earnings and sales in the first half of 2017, but for the 12 months to June EBITDA actually rose 11% to US$60.9 million.
In a release, the company highlighted good weather conditions meant blueberry harvests were earlier in Peru, Argentina and Chile, leading to “significant” volumes being registered in the last part of 2016 rather than the first quarter of 2017.
For the first half, EBITDA and sales were at US$37.3 million and US$203.8 million respectively, with lower volume and returns per kilogram on average.
The result could have been higher if it weren’t for exchange rate losses of US$2.3 million for the half, driven by a depreciation of the U.S. dollar compared to other currencies used by the company.
Over the six months the company made investments valued at US$24.1 million, mostly concentrated on new plantings, field maintenance and infrastructure, representing a 31% uptick year-on-year.
Hortifrut is a global company dedicated to berry genetics and technological development, production, trading and distribution, with its own brands and commercial platforms.
The company has operations in North, Central and South America, as well as in Europe and Asia.