HB Grandi still profitable

Icelandic fishing and processing company HB Grandi on Tuesday posted a profit of EUR 16 million (USD 20.4 million) last year, down from EUR 20 million (EUR 25.6 million) in 2007.

HB Grandi's sales were also down, from EUR 140.6 million (USD 179.7 million) in 2007 to EUR 24.4 million (USD 31.2 million) in 2008. The company's total debt is EUR 170.7 million (USD 218.2 million).

Despite the drop in profit and sales, HB Grandi's results are somewhat encouraging given Iceland's shaky financial status. The country's economy crashed last year, and the government nationalize its three largest banks.

HB Grandi operates numerous fishing vessels and processing facilities in Iceland. Among the company's seafood products are cod, haddock, saithe, redfish, Greenland halibut, herring, blue whiting and capelin.


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