High Liner Q2 net income fell 47.5 percent despite 14.9 percent sales gain citing lower margins and unfavorable exchange rates
SEAFOODNEWS.COM [Canadian Press] - August 13, 2014 -
LUNENBURG, N.S., Stock in High Liner Foods Inc. (TSX:HLF) fell almost nine per cent Tuesday after the Nova Scotia-based value-added frozen seafood company reported a big decrease in second-quarter earnings despite a strong increase in sales revenue.
Sales revenue increased 14.9 per cent to US$235.5 million from US$204.9 million.
High Liner, which reports in U.S. currency, cited lower margins in Canada and an unfavourable change in the exchange rate among factors that saw net income fall 47.5 per cent to US$5.2 million or 17 cents per diluted share from US$9.9 million or 32 cents in the comparable 2013 quarter.
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