05:24 PM EDT, 05/14/2024 (MT Newswires) -- High Liner Foods ( HLNFF ) on Tuesday said its first-quarter adjusted profit rose 13%, even as sales fell 16%.

The frozen seafoods company said its adjusted profit, excluding most one-time items, rose to US$$18.59 million, or US$0.55 per share, from US$16.44 million, or US$0.48, in the year-prior quarter.

Sales rose to US$276.92 million from US$329.16 million, while adjusted EBITDA increased by US$3 million, or 9.6%, to US$34.2 million compared to US$31.2 million, and Adjusted EBITDA as a percentage of sales increased to 12.4% compared to 9.5%.

"The steps we took last year to accelerate the return to normalized inventory levels helped drive margin improvements during the first quarter, which was also supported by a more profitable mix and lower costs in our business. Our growth in Adjusted EBDITA enabled us to continue to grow cash flow and further strengthen our balance sheet,. With this improved profitability and the benefit of our strong balance sheet and diverse portfolio, we are well equipped to take the necessary steps to address the volume decline that was driven by the elimination of some unprofitable business and reduced contract manufacturing business," chief executive Paul Jewers said in a statement.