August 10, 2012

Canada's High Liner Foods' half-year net profit dropped on the back of costs related to the acquisition of Icelandic Group.

Net income for the six months of the year ending June 30 slides 80.9% to CAD2.8 million (US$4.4 million). Adjusted EBITDA slumped 64.6% to CAD48.1 million (US$48.4 million), while sales declined 46% to CAD148.3 million (US$149.3 million).

The company said it continues to remain ahead of schedule with the integration of Icelandic USA, which it acquired in November along with Icelandic Group's Asian operations for US$230.6 million.

High Liner Foods president and CEO Henry Demone said: "We are confident that the successful integration will strengthen our leadership position in the US frozen seafood food service market."

High Liner Foods reports favourable second quarter 2012 operating results and increases dividend by 10%.