FPI reports fall in Q3 sales – Fishupdate.com

FPI reports fall in Q3 sales Published:  23 November, 2007

FISHERY Products International (FPI) has reported a decrease in sales revenues by $19.5 million to $124.4 million for the third quarter of 2007, compared with $143.8 million for the same period in the previous year.

According to Food Business Review, for the three-month period, the company has reported a net income of $28.7 million compared with a net income of $3.6 million for the third quarter of 2006. Gross profit from continued operations increased by $0.5 million to $18.4 million compared with $17.8 million for the third quarter of 2006.

Net income for the 39 weeks ended September 29, 2007 was $37.8 million as compared to a net income of $3.7 million for the same period of 2006.

For the year to date, gross profit from continued operations increased by $2.3 million to $49.4 million compared to the same period of last year.

Beverley Evans, CFO of the company, said: “The renewed corporate focus on higher margin categories, products and customers has contributed to the continued improvement in the company’s gross profit performance for continuing operations. The tough environment for exporters and strong competition in the seafood industry make it imperative that you concentrate your efforts where they will make the greatest positive impact on your profitability.”

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