CEO Finnbogi Baldvinsson said his company returned to profitability after a restructuring to improve efficiency and increase working capital following last year’s takeover, led by investment firm Eignarhaldsfelagid IG.
In his first major interview since the €160 million ($223 million) equity injection in November, Baldvinsson told Seafood International that Icelandic Group made a profit in the first quarter, overturning four consecutive years of losses.
Liabilities were reduced by €355 million ($496 million) in the quarter, down from a high of €730 million ($1 billion) in 2006.
