After posting heavy losses in 2008, Icelandic Group on Monday reported a pre-tax profit of EUR 16.5 million (USD 22.3 million) and a post-tax profit of EUR 6.2 million (USD 8.4 million) in 2009.
The Iceland-based seafood company, one of the world’s largest, also recorded an EBITDA (earnings before interest, taxes depreciation and amortization) of 45.7 million (USD 64.1 million) and a turnover of EUR 997 million (USD 1.34 billion) last year.
What’s more, the company managed to reduce its debt by EUR 66 million (USD 89 million) in 2009.
“The outlook for this year is positive as reform and restructure will continue,” said Icelandic Group in a statement. “With EUR 1 billion in turnover, coupled with an extensive sales network and positive cash flow, Icelandic Group has brought its house in order and is well situated to face increasing competition in the international food industry.”
In February, Vestia Holdings, a subsidiary of Icelandic bank Landsbankinn, took full ownership of Icelandic Group’s parent company, Eignarhaldsfelagiõ IG, the last step in a process that began in late 2008.
