Canada-based company High Liner Foods has booked an increase in third-quarter earnings, boosted by lower raw material and financing costs.
The North American value-added frozen seafood company recorded net profit of US$7.4m in the three months ended 28 September. This compared to earnings of $2.2m last year.
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Adjusted EBITDA edged up to $22.1m from $21.8m in the prior year. Sales, however, fell 1.5% to $216.5m, primarily due to sale declines in the firm’s US food service business and its US and Canadian retail private label businesses.
In its outlook, the company said higher prices for shrimp and haddock may hurt volumes as well as margins for certain products over the balance of the year and into 2014.
Shrimp prices have surged since the beginning of this year, as supply from Thailand – the world’s largest exporter – has been hit by an outbreak of Early Mortality Syndrome (EMS).
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