Rekjavik-based Icelandic -- Europe' largest seafood firm -- posted a €2.5 million ($3.7 million) net loss on sales of €327.4 million ($480 million), compared to a €953,000 ($1.4 million) net profit on sales of €367.9 million ($539 million) in the same period last year.
The company likely won't see positive effects from its latest round of restructuring until 2008, said CEO Bjorgolfur Johannsson.
“Our plans assumed that the streamlining measures that have been in progress since July 2006 would result in an improved financial statement this year," said Johannsson.
