Brief: Iceland Seafood International Q3 Sales EUR 95.8 Mln, Down 11% Yoy

Iceland Seafood Internat hf

22/11/2023 15:55

Nov 22 (Reuters) - Iceland Seafood Internat hf
 ICESEA.IC :
    * ICELAND SEAFOOD INTERNATIONAL HF: HIGH VOLATILITY AND
DIMINISHING CONSUMER PURCHASING POWER NEGATIVELY AFFECTED
ICELAND SEAFOOD'S OPERATION IN Q3
    * SALES FOR Q3 2023: EUR 95.8M, DOWN 11% FROM Q3 2022
    * NORMALISED PBT OUTLOOK RANGE FOR 2023 IS REVISED DOWNWARDS
TO
EUR 0.5 - EUR 2.0M
    * AFTER A STRONG START OF YEAR, SALES HAVE SLOWED DOWN
CONSIDERABLY IN Q3
    * HIGH INFLATION AND INCREASED INTEREST RATES HAVE
NEGATIVELY
AFFECTED CUSTOMER PURCHASING POWER
    * ADDITION TO REDUCED SALES AND A DECLINE IN MARGINS,
FINANCE
COSTS INCREASED BY EUR 1.8M COMPARED TO PRIOR YEAR
    * INCREASE IN INTEREST RATES HAVE ALSO LED TO RISING CAPITAL
COSTS
    * DECLINING CONSUMER PURCHASING POWER IN MAIN TRADING
COUNTRIES,
TOGETHER WITH ONGOING UNCERTAINTY DUE ONGOING GEOPOLITICAL
TURMOIL, HAS LED TO LOWER SALES IN Q3
    * IN Q3 PRICE OF WHITEFISH AND SHELLFISH HAS DECREASED,
WHICH HAS
LED TO INVENTORY WRITE OFFS AND A LOWER MARGIN ON PRODUCT SALES

Source text for Eikon:  ID:nGNE6kTxkY 
Further company coverage:  ICESEA.IC 

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