Estonian seafood firm PRFoods posted a fall in earnings in the third quarter of the year despite an increase in sales.
The company began to discontinue the less profitable activities to improve margins, a move expected to improve results.
Earnings before interest, taxes, depreciation and amortization (EBITDA) fell 45 percent over the period, to €1.2 million ($1.4 million), while sales increased 7.7 percent, to €19.4 million ($22.1 million) over the quarter.
The decline in earnings was partly explained by a one-off bonus payment that temporarily hiked the company’s labor costs, the report says.
