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.
- Rabobank's early view on Brexit impact on food
- General Mills to invest in "growth businesses"
- How local model protects Nestle - interview
- Quorn Foods confident in prospects - interview
- Brexit sparks uncertainty for UK food - comment
- Nestle names new CEO
- Brexit – Live reaction from food industry
- UPDATE: Hershey rejects Mondelez takeover
- Healthier food a major opportunity for food makers
- Brexit – UK farmers warn of food price spike
- Frozen Bakery Products Market by Type, Distribution Channel, & by Region - Global Trends & Forecast to 2020
- Top Trends in Snacks, Confectionery, and Desserts; Exploring consumer and innovation trends in key categories
- Country Analysis Report: Saudi Arabia, In-depth PESTLE Insights
- Fast Food in India
- Baby Nutrition Insights - Issue 27