Canadian frozen seafood company High Liner Foods has recorded an increase in first-half profits as it benefited from the strong Canadian dollar.
For the thirteen weeks ended 3 July net income climbed to C$11.6m (US$11.2m) from C$10.8m in the prior year.
Sales, however, dropped to C$299.8m versus C$334.6m in 2009.
EBITDA rose to C$23.5m compared to C$22.2m last year.
“Our performance in the first half of 2010 leaves us well-positioned for the balance of the year,” said Henry Demone, president and CEO. “We continue to benefit from the strong Canadian dollar as well as our commitment to containing costs wherever possible. Although we have seen improvements in our business alongside the gradual North American economic recovery, we remain cautiously optimistic within the context of the current economic outlook.”
In the second quarter, net income increased to C$4.4m from C$4.1m, while EBITDA climbed to C$9.5m versus C$9.1m last year.
Revenues however, dropped to C$134.7m from C$151.4m in the prior year period, as the strong Canadian dollar decreased the value of reported US sales by around C$8.9m.
