SPAIN: Pescanova boosted by debt write-down
Pescanova said its first-half net profit was boosted by an agreement to write down the bulk of its debt burden in order to enable the Spain-based seafood group to return to solvency.
In its first financial filing after it was declared insolvent last year, the group said net profit totalled EUR1.7bn (US$2.2bn). The company registered a one-time gain of EUR2.3bn due to debt cancellation.
The firm, which is now bank-controlled, said sales totalled EUR434m in the six months to the enf of June. EBITDA totalled EUR27m, the company added. Pescanova did not provide details of its year-ago performance and declined to comment when approached by just-food. However, full-year sales last year are understood to have exceeded EUR1bn.
In a statement, Pescanova said the result demonstrated "the improvement in operating profitability that began in the second half of 2013 continues." The group added it has reached a "first important milestone" in its bid to restructure operations.
Click here to view the release from Pescanova.
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