High Liner Foods posted a 6% increase in net income

High Liner Foods posted a 6% increase in net income

Canada-based High Liner Foods posted a 6% increase in net income for the second quarter to C$4.4m (US$4.4m).

The frozen seafood processor yesterday (10 November) posted C$134.6m sales for the quarter ended 3 July, against C$151.3m in the same quarter of last year, with the stronger Canadian dollar decreasing the value of reported sales by around C$8.9m.

The company attributed the decrease in domestic dollar sales to lower selling prices on commodity products and increased customer promotions.

Meanwhile, volume sales remained relatively unchanged at 39.5m pounds.

"Our bottom line continued to benefit from lower input costs and a stronger Canadian dollar, as well as our ongoing commitment to cost management," said president and CEO Henry Demone.

Click here for the company's full earnings statement.