High Liner Foods has booked a near 70% jump in second-quarter earnings on the back of lower raw material costs.
The Canada-based company said adjusted net income rose 68% to US$9.2m in the quarter, while reported net income increased to $9.9m. Adjusted EBITDA for the three month period was $19.3m, compared with $16.4m in the comparable period of last year.
The company reported lower costs and the realisation of operational synergies resulting from its acquisition of Icelandic USA.
However, the company saw sales volumes fall and revenue dropped to $204.9m, compared with $216.8m.