High Liner Foods' profit plunges on acquisition related costs
(Reuters) - Frozen seafood processor High Liner Foods' (HLF.TO: Quote) second-quarter profit fell about 79 percent on integration costs related to an acquisition.
Net profit declined to C$995,000, or 6 Canadian cents a share, from C$4.8 million, or 31 Canadian cents a share, last year.
On an adjusted basis, the company earned 36 Canadian cents per share.
Net income was also dampened by asset impairment costs, higher amortization of intangible assets and higher financing costs, the company said.
Revenue of the company, which sells branded products in the United States, Canada and Mexico under the High Liner, Fisher Boy, Mirabel and Sea Cuisine labels, rose 43 percent to C$219.0 million.
Last year, High Liner Foods acquired the U.S. and Asian procurement operations of Icelandic Group for $230.6 million.
Shares of the company, which has a market cap of about C$297.2 million, were down 2 percent at C$19.76 on Wednesday on the Toronto Stock Exchange.
(Reporting By Sandhya Vijayan in Bangalore; Editing by Sreejiraj Eluvangal)
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