May 17, 2007

Spain's Pescanova reports growth in Q1 2007 profit

Spanish fish and seafood products group Pescanova SA registered a 5.4 percent  on-year rise in net profit to EUR 6.1 million (USUS$8.3 million) in the first quarter of 2007.

The pre-tax profit stood at EUR 6.8 million  (US$9.3 million), an increase of 11.4 percent. Turnover grew by 18.1 percent to EUR 275.6 million (US$374.7 million).

Pescanova invested EUR 140 million (US$190.4 million) in a turbot fish farm in Portugal in January 2007.

The company decided to locate the farm there after authorities in Spain denied the company permission to build on its proposed site in the northwestern Galicia region.

Pescanova also invested EUR 18 million (US$24.5 million) in the purchase of Valencia-based sector company Fricatamar SL in January 2007.