Danish seafood firm Royal Greenland‘s pre-tax profits have been hit by negative currency translation the firm reported in its latest interim report.
The firm posted a pre-tax profit of DKK59m (US$10.8m) for teh six months to 31 March, which was DKK25m less than the profits reported last year. Adverse developments in exchange rates, “particularly in relation to the Japanese Yen” were said to be the cause.
Total revenue also declined 11% following the sale of the the factory in Wilhelmshaven. This, however, reduced the firm’s interest bearing debt to a “record low” of DKK958m.
“Royal Greenland is now much financially and commercially stronger, healthier and more focused than at any other time in the company’s recent history,” said Group CEO Mikael Thinghuus.
The firm has maintained its full year outlook.