The salmon farming division of Chilean agribusiness giant Agrosuper, Los Fiordos, reported a drop in sales for the first three months of 2018, but an increase in profits.

Los Fiordos, which sells under the “Super Salmon” trade brand, reported sales of CLP 183.3 billion ($259.3 million), down 4% year-on-year.

However, the company’s gross margin before fair value adjustment of the biomass for the period was CLP 69.19m, up 10% y-o-y. Pre-tax profit was CLP 47.78m, up 7% y-o-y.

Agrosuper is in the process of becoming the second largest salmon farmer in the world, behind Marine Harvest (which is to be renamed Mowi next year), after inking deals for the salmon division of Friosur for $230m and 67% of Empresas AquaChile.

The deal for the latter could end up being worth over $850m, if the deal goes through competition authority approval. Prior to the Agrosuper deal for AquaChile emerging, the latter inked a deal to buy Salmones Magallanes and another producer for $255m.

Agrosuper's deal for AquaChile also looks good value given Legend Holdings, A Chinese conglomerate, has agreed on a deal to acquire Australis Seafoods, a smaller producer, for $880m.