German frozen seafood giant Frosta's net profit plummeted by half despite a boost in sales volumes in 2018, the company reported Thursday.
The profit drop is the result of a sharp increase in raw material prices in 2018, the company said.
The Bremerhaven-based frozen seafood processor's sales increased in 2018 by 1.6 percent year-on-year to €509 million ($579.4 million), but the group's net profit after tax fell by €23.4 million ($26.64 million) to €20 million ($22.77 million).
Additionally, there were unforeseen start-up losses in Frosta's new Italian brand business.
