May 16, 2008

Pescanova Q1 profit up 17.6 percent on-year
 

Spanish fish and seafood products group Pescanova SA has announced of a 17.6 percent on-year net profit increase to US$11.1 million in the first quarter of 2008.

The turnover rose 9.7 percent to US$2 billion while earnings before EBITDA increased 15 percent to US$34.8 million.

The positive result has been attributed to investments implemented in the past few years in prawn and salmon cultivation as well as in seafood firms.

In September 2006, Pescanova acquired French company Seabel, owner of French seafood company Krustanord for US$39.5 million.

In January 2007, Pescanova invested US$28 million in the purchase of the entire share capital of Valencia-based Spanish company Fricatamar SL.

Pescanova also acquired US fish and seafood retailer Ladex LLC. for US$11 million in July 2007.