Clearwater Seafoods LP, the big Nova Scotia fish producer, has reported a CA$25.8-million (US$25.38 million) profit for last year despite economic difficulties outside its control.

These challenges include a strong Canadian dollar and lower profit margins on lobsters, one of its main earners, and some other fish products.

However, trading in the fourth quarter of the year showed a small loss of CA$2.2 million (US$2.16 million). But chief executive officer Colin MacDonald said that unfavourable exchange rates had had a bigger than expected impact.

The company wants to increase productivity with new technology to counter the strong Canadian dollar as well as continuing to reduce its debt.

According to MacDonald, after the company announced a loss of CA$2.2 million (US$2.16 million) in the fourth quarter of 2009, they have new technologies coming on board that will increase productivity and efficiency in key resources.

A few weeks ago John Risley, the founder of Clearwater, said Canadian producers on the Atlantic Coast should look more to overseas markets if they want to increase profits and gain new customers. He suggested that Asia and Russia were good places to look at.