CANADA: High Liner Q3 sees first impact of recession
Canadian seafood group High Liner Foods has posted a slight dip in third-quarter earnings as sales volumes came under pressure due to the difficult economic environment.
EBITDA totalled C$10.4m (US$9.9m) in the three-month period, down from C$10.9m last year.
Sales slipped 3.8% to C143.7m, due to lower sales of crab and lobster as consumers reduced spending in response to the economic recession.
"Our sales volume was lower, though not surprising given our price increases earlier in the year and the weakened economy," said Henry Demone, president and chief executive.
"The current recession did not affect High Liner in 2008 until after the third quarter," he added.
In the year to date, High Liner's EBITDA remained up on last year, at C$32.5m, up from C$28.7m last year.
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