Costs related to last year’s acquisition of Icelandic Group hit High Liner Foods’ bottom line but the new addition helped drive operating profit and sales in the third quarter.
Net income in the three months ended 29 September slumped 67.1% to C$2.2m (US$2.2m). The company said profits were negatively impacted by after-tax one-time integration costs related to the acquisition and additional depreciation on property to be disposed of as part of the deal.
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Adjusted EBITDA soared 78.3% to C$21.6m as a result of higher sales volumes resulting from the acquisition and lower seafood and other input costs.
Sales in the quarter increased to C$218.8m from C$161.7m a year ago. The 35.3% increase was also a result of the Icelandic acquisition.
