Clearwater Seafoods has seen its losses widen in the first half of the year amid refinancing costs and foreign exchange losses.
In the six months ended 29 June, the company recorded a net loss of C$11.6m (US$11.1m). A year earlier, it booked a loss of C$5.4m last year.
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EBITDA was relatively stable, edging up 0.7% to C$27.9m thanks to a “strong and growing market demand” for Clearwater’s products, partially offset by higher clam and shrimp harvest costs.
Sales were up 5% to C$163.7m.
CEO Ian Smith said: “Management is satisfied with the progress made in the second quarter and year-to-date periods and expects the company to hit its annual targets for 2013.”
See Also:
Clearwater expects sales growth of 5% or greater and adjusted EBITDA margins of 18% or more.
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