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.
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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.
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