April 18, 2012

Spain's Pescanova anticipates business expansion till 2014

Pescanova expects its aquaculture business to equal the earnings before interest, tax, depreciation and amortisation (EBITDA) generated by fishing and to expand until 2014.

Aquaculture accounted for one-third of Pescanova's total EBITDA of EUR183.5 million (US$241 million) in 2011.

Pescanova closed 2011 with a consolidated turnover of EUR1.67 billion (US$2.2 billion), up 6.7%. The net profit expanded by 38.8% to EUR50 million (US$65.6 million). The company grew by 2% in the domestic market and 10% abroad. Last year, Spain, Japan and the USA were the main markets for Pescanova.