Pescanova reels in 58% increase in 3Q profit

The latest third-quarter results from Spain’s Pescanova Group show consolidated profit of EUR 24 million (USD 33 million), up 58 percent from the same period in 2010.

During the first nine months of 2011, the Galician company’s turnover increased 6.5 percent, to EUR 1.05 billion (USD 1.45 billion).  

Earnings before interest, taxes, depreciation and amortization (EBIDTA) increased 16 percent, to EUR 117 million (USD 161 million), while earnings before interest and tax (EBIT) increased 25 percent, to EUR 58 to 73 million (USD 80 to 100 million).

On Monday, Pescanova highlighted the evolution of sales and operating profit with a notable increase in EBITDA sales margins reaching 11.1 percent in 2011 against 10.2 percent during the first nine months of 2010.

The company traces a financial timeline over the last seven years, with consolidated group highlights between 2004 and 2010 relating to annual compound growth of 9 percent in revenues, 16.6 percent EBITDA and 17.7 percent EBIT.

Pescanova is driven by its aquaculture business, which accounts for nearly 30 percent of the company’s turnover. “The managerial structure of Pescanova in the fish-farming sector is devoted to technological development and productive capacity in order to integrate each process required for aquaculture,” said the company.

Its aquaculture ventures include langoustine via its Acuinova España and Portugal subsidiaries; turbot via its Insuiña España; salmon via Pescachile; langostino vannamei via five Latin American companies; and tilapia via Pescanova Brazil. Acuinova and Insuíña operate breeding grounds, pre-fattening,and fattening plants for turbot, gilthead sea bream, sea bass, sole and prawn, while Pescachile specializes in various salmon and trout species.

Subscribe

Want seafood news sent to your inbox?

You may unsubscribe from our mailing list at any time. Diversified Communications | 121 Free Street, Portland, ME 04101 | +1 207-842-5500
None