Canadian frozen seafood processor High Liner Foods has booked mixed first-quarter results that included higher underlying earnings but a fall in net profit thanks to one-off costs.

For the three months to the end of March, net profit slid 81.4% to C$1.8m (US$1.8m). The company said the write down of assets after a supply chain revamp and one-time integration costs related to the acquisition of Icelandic USA last December hit earnings.

However, adjusted net income increased 42% to C$13.9m. Adjusted EBITDA in the period increased 72% to C$31.5m.

Sales amounted to C$287.7m, a 62.4% increase on the prior-year period. High Liner attributed the increase to the Icelandic USA acquisition and "strong" organic sales growth from the business, which contributed $97.2m in sales.

"We are pleased to report strong first quarter operating results and that we delivered a 25% return on equity," said High Liner Foods president and CEO Henry Demone. "Our robust results were attributable to both the addition of Icelandic USA and the strength of our pre-Icelandic USA businesses."

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