Spanish seafood giant Pescanova reported a net profit of EUR 1.8 million (USD 2.4 million) in the first half of 2014, according to the summary of the financial statement published through a statement to the Spanish National Stock Market Commission.
SeafoodSource had access to a copy of this statement which also details that the sales of Pescanova added up to EUR 433.8 million (USD 569.9 million). Although the previous years’ figures were unavailable for comparison, according to Pescanova, “the evolution of the business is very positive because the bankruptcy did not affect to the level of supply and service to direct and final consumers.”
The company points out in the report that Pescanova’s activity has a marked seasonal character because of the impact of Christmas.
Operating income before depreciation and amortization totaled EUR 27.3 million (USD 35.9 million), which represents an increase in comparison with the previous year.
On the other hand, Pescanova is continuing with the financial restructuring of the majority of its subsidiaries in Spain, following the operations included in the Creditors’ Agreement of Pescanova SA.
It should be remembered that it was judicially approved the creditor agreement. And as a result of this approval, the board of directors recovered their powers of the parent company. Subsidiaries such as Pescanova Alimentación S.A., Bajamar Séptima S.A., Frigodis S.A. and Frivipesca Chapela S.A. agreed to apply the voluntary bankruptcy proceedings after that. On 5 September, Pescanova announced that five other subsidiaries also filed for bankruptcy — Fricatamar S.L., Frinova S.A., Insuiña S.L, Pescafina Balacalo S.A., and Pescafresca S.A.
