ECONOMIC-ASSESSMENT OF A SUCCESSFUL METHOD FOR MASS FIELD CULTIVATION OF GRACILARIA IN CHILE

Data on yield of artificial beds of Gracilaria established by anchoring thalli to sand-filled polyethylene tubes were used to carry out an economic assessment of three alternatives selected on the basis of capital investment, area planted, and plantation scheme. For each alternative, investment, operational cost, income, depreciation and amortization were determined. Sensitivity analyses were carried out to visualize the effects of the most relevant variables, namely, selling price, investment, annual yield and operational cost. Capital investment ranged from US$ 13 537 for a bed of 1 ha to US$ 49 844 for a bed of 3 ha planted every 3 years. Annual average values for operating cost varied from US$ 10 836 to US$ sance de8, depending on the size of the bed and the plantation scheme. Average annual income ranged from US$ 29 640 for 1 ha to US$ 97 560 for 3 ha with a productive life of 3 years. For 3 ha beds, the cost of depreciation was notably higher during the first 3 years, while for beds of 1 ha this high impact extended only to the first 2 years. In addition, the cost of depreciation for 1 ha was about 28% of that estimated for 3 ha beds. Profitability indicators showed that beds of 3 ha replanted every 3 years were the most profitable with a net present value of US$ 175 917, an internal rate of return of 78.3%, a pay-back period of 1.5 years and a break-even point of 42%. Sensitivity analyses confirmed that the type of bed referred to above would be the most reliable alternative because even at 30% reduction in income, a net present value of US$ 51 455, an internal rate of return of 35.4% and a pay-back period of 2.5 years could be attained. It is shown that under the conditions chosen for the study, investment for the establishment of Gracilaria beds in northern and central-northern regions of Chile by anchoring thalli to sand-filled polyethylene tubes should be highly profitable. © 1990.