Clearwater Seafoods has said large a debt settlement and refinancing charge helped sink earnings in its fiscal first-half.

In the six months to the end of June, the company made a net loss of C$5.4m (US$5.4m) compared to earnings of C$1.5m in the prior-year.

EBITDA climbed to C$27.5m from C$22m in the comparable period last year, driven by higher sales prices and higher sales volumes, partially offset by a shift to lower margin species and higher harvesting and procurement costs per pound in certain species.

Sales in the period amounted to C$155.8m, a 5.3% increase on last year.