August 9, 2011 / 5:49 PM / 7 years ago

UPDATE 1-High Liner Foods Q2 rises on strong US seafood sales

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Aug 9 (Reuters) - Frozen seafood processor High Liner Foods’ quarterly profit rose 8 percent, driven by strength in its U.S. operations.

April-June profit rose to C$4.8 million ($4.8 million), or 31 Canadian cents a share, from C$4.4 million, or 28 Canadian cents a share, last year.

Sales rose 14 percent to C$153.3 million.

Excluding items, the company earned 32 Canadian cents a share.

High Liner’s branded products are sold in the United States, Canada and Mexico under the High Liner, Fisher Boy, Mirabel and Sea Cuisine labels.

The company, which bought Massachusetts-based Viking Seafoods Inc last year, said the acquisition added 7.6 percent to the total rise in its sales volume.

The company, which had previously expected margin pressures, said higher raw material costs “appear to have reached a plateau and we do not expect further price increases on an aggregate basis for the balance of 2011.”

Shares of the company were trading up 3 percent at C$15.30 on Tuesday on the Toronto Stock Exchange. ($1 = 0.993 Canadian Dollars) (Reporting by Aftab Ahmed in Bangalore; Editing by Saumyadeb Chakrabarty)

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