High Liner Foods said the company is proving to be “recession resistant” as it posted an increase in profit for the first two quarters of the year.
The Canadian seafood company recorded a net profit of C$10.8m (US$9.8m) for the 26 weeks to 4 July, compared to C$6.4m in the previous year.
Net sales for the period reached C$334.6m from C$289.2m in the same period of 2008. The increase was attributable to currency translation of US sales into Canadian dollars and continued growth in the company’s Canadian operations.
Adjusted EBITDA for the two quarters was C$22.2m versus C$17.8m in the previous year.
“Our business is proving to be fairly recession resistant,” said Henry Demone, president and CEO. “While the current economy has no doubt caused some consumers to change where and how they spend their money, they continue to buy seafood.”
Sales for the company’s Canadian operations increased 6.8% to C$75.3m with growth in both the retail and foodservice channels.
The company’s US operations experienced a drop in sales of 4.6% in US dollars to $65.3m.
