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.
- Who could swoop for Diamond Foods?
- Trans fat studies show complexity of health debate
- Indonesia - Sweet and sour of confectionery sector
- Why Quorn Foods auction promises to be competitive
- Indonesia: the key macro issues facing FMCG firms
- Quorn Foods agrees sale to Monde Nissin
- Danone, Kerry, Pulmuone also eyeing Quorn
- Mondelez 'preparing to sell European cheese unit'
- ConAgra Foods "efficiency" drive to hit 1,500 jobs
- Mars to buy Mexican chocolate maker Grupo Turin
- Management briefing: just-food’s industry outlook for 2015
- Danone SA : Consumer Packaged Goods - Company Profile, SWOT & Financial Analysis
- The Coca-Cola Company : Consumer Packaged Goods - Company Profile, SWOT & Financial Analysis
- E-Grocery Market in India - Market Research 2015-2019
- Global Bakery & Cereals Market: News and Events July 2015