Seafood company posts Q2 profit of US$9.9 million
By Food in Canada staff
Business Operations acquisitionsStronger Canadian foodservice sales, acquisition, boost High Liner profits
Lunenburg, N.S. – High Liner Foods Inc. is reporting a US$9.9-million profit for the second quarter of 2013, up from $1 million last year.
The seafood company says the main reasons for the change were lower raw material costs – which offset a decrease in U.S. sales volumes – as well as synergies related to the company’s acquisition of Icelandic USA in November 2011.
High Liner Foods reported sales of US$204.9 million for Q2, down from US$216.8 million in the same quarter last year. The decline in sales was attributable to softer U.S. restaurant sales and weaker private-label retail business. At the same time, however, foodservice sales in Canada were stronger in the second quarter than in the previous year.
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