Spanish fish and seafood products company Pescanova has posted a net profit of €5.0m (US$5.8m) for the first quarter of 2003, up 2.47% compared to the year-ago period.

The company’s turnover for the quarter was €201.8m, a rise of 6.7% year-on-year. The company said it expects to increase its 2003 full-year profit due to lower operating costs.

Pescanova, which is based in Galicia, northwestern Spain, has 30 subsidiaries outside Spain, as well as fish farming facilities in Chile, Cuba and Namibia, reported the Spanish News Digest.