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'Old' Pescanova finished third quarter in the red. (Photo: Stock File)

'Old' Pescanova loses EUR 124,000 in its third quarter

Click on the flag for more information about Spain SPAIN
Friday, October 12, 2018, 21:50 (GMT + 9)

Pescanova recorded a loss of EUR 124,000 in the three months between June and August 2018, corresponding to its third fiscal quarter, compared to a profit of EUR 31,000 in the same period of 2017.

Sales reached EUR 346,000, 14 per cent less than in the same quarter last year, when it obtained EUR 403,000, the company informed the National Securities Market Commission (CNMV).

In its quarterly financial report, Pescanova indicates that this quarter's revenues correspond mainly to part of the annual support that the company must receive from Nueva Pescanova, pursuant to the resolutions approved by its general meeting of shareholders in 2015.

In as much, the expenses of this period correspond to general expenses and of external advisers. The payments to the directors in the form of remunerations in this period were EUR 60,000, double that of last year.

It should be remembered that since the end of November 2015, when the management change took place, 'old' Pescanova has been a holding company with two significant assets: an account receivable from Nueva Pescanova, S.L. for non-segregated liabilities, and a shareholding in Nueva Pescanova, SL of 1.65 per cent valued at EUR 2.04 million.

At the end of its fiscal third quarter, Pescanova's net worth was EUR 2.70 million, compared to EUR 2.86 million in the same period of 2017.

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