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September 7, 2014

Spain

Pescanova Profitable in the First Half of 2014

 

Pescanova achieve a net profit of $2.3 million in the first half of 2014.

 

A document submitted to the Spain’s National Securities Market Commission by Pescanova says that its sales totaled $562 million between January and June 2014, and its operating income before depreciation and amortization (EBITDA) was $35 million.

 

“This evolution of the business is considered really positive, since it has made it possible for the insolvency situation being faced does not affect the level of supply and service to both direct customers and end consumers,” Pescanova pointed out in the document.

 

Despite the improved balance sheet, Pescanova’s subsidiaries are not in the same situation and experience insolvency proceedings so that the parent company reveals a negative value.

 

The document goes on to say, “The improvement in the group’s financial position as well as that of the parent company is a first and important step for the complete financial restructuring and economic feasibility of the Pescanova Group.”

 

Source: FIS United States.  Pescanova Earns Euro 1,790 Million in the First Half.  Analia Murias (editorial@fis.com).  September 2, 2014.

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