Spanish fish canning and freezing company Pescanova has reported a more than 45% rise in first-half net profit to €8.03m (US$8.69m).

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“I would imagine this company has benefited from the strength of the euro… Pescanova fishes in places where costs are in dollars and sells in places where income is in euros,” Felipe Sanchez, an equity analyst at Santander Central Hispano, was quoted as saying by Reuters.

Pescanova posted an increase in sales to €383.8m, compared to €365.7m a year earlier.

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