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 end 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.
- Unilever must "speed" response to consumer trends
- Premier Foods CEO expects UK supermarket rebound
- Briefing: The risks and rewards of e-tail in China
- Why US diet guidelines should consider environment
- What the analysts say: Unilever's mixed 2014
- Tootsie Roll CEO Melvin Gordon dies at 95
- McCain to close Grobbendonk plant in Belgium
- Lifeway Foods CEO denies sale talks
- Jobs to go at FrieslandCampina cheese plant
- Unilever revenues disappoint as food sales fall
- The Sugar Backlash and its Effects on Global Consumer Markets
- 10 Key Trends in Food, Health and Nutrition 2015
- The Future of Retailing in the UK to 2017
- Global Consumer Trend Framework: Understanding Attitudes and Behaviors that Influence Global Consumption Habits
- Meat Substitutes Market - Global Trends, Forecasts up to 2019