High Liner has reported a jump in 2012 adjusted EBITDA and sales but financing costs caused the firm to book a net loss in the period.
The Canadian value-added seafood producer said adjusted EBITDA rose by 62.5% in 2012, climbing to C$91.7m (US$). Adjusted net income rose to $38.1m, compared with $28.9m last year. Sales volumes rose 37.5% to 276.2m pounds. Icelandic USA – which was fully integrated into High Liner in November – contributed 85m pounds to total sales volume in 2012.
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However, the company saw its net earnings hit by a deferred financing cost of $8.7m. As a consequence, the group booked a net loss of $2.7m in 2012, slightly down on the net loss of $2.9m in the previous year.
