Canadian seafood processing giant High Liner Foods reported a fall in earnings for the third quarter of 2023, due to higher costs associated with the current economic climate.

Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) fell by 19.4 percent to $20 million (€18.7 million), despite a 1 percent increase in sales volume to 61 million pounds.

A drop in revenue - by 4.2 percent to $11.5 million (€10.7 million) - along with increased costs associated with promotional activities were to blame.