St John's, Newfoundland-based seafood processing company Fishery Products International (FPI) has announced a slight fall in third-quarter profits.

FPI reported a profit of C$3.5m (US$2.2m), or 23 cents a share, for the third quarter ending 28 September 2002, compared with a profit of $3.8m, or 25 cents a share, a year earlier.

The company's sales, however, climbed 6% to $189m from $179m.