Canadian seafood processor High Liner Foods saw its in half-year net profit plummet on the back of costs related to the acquisition of Icelandic Group.
Net income for the six months of the year ending 30 June slides 80.9% to C$2.8m (US$4.4m). Adjusted EBITDA slumped 64.6% to C$48.1m, while sales declined 46% to C$148.3m.
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The company said it continues to remain ahead of schedule with the integration of Icelandic USA, which it acquired in November along with Icelandic Group’s Asian operations for US$230.6m.
High Liner Foods president and CEO Henry Demone said: “We are confident that the successful integration will strengthen our leadership position in the US frozen seafood food service market.”
