December 13, 2012
Aotearoa Fisheries profit falls in tough times
Aotearoa Fisheries has made a $17.1 million profit and created a special taxable bonus share issue so iwi shareholders can benefit from the company’s $30 million in accumulated tax credits.
The pan-Māori company, formed out of the Māori fisheries settlement, has assets worth $500 million including Moana Pacific Fisheries, Paua exporter Prepared Foods, Pacific Marine Farms and a half share in Sealord Group, New Zealand’s largest fishing company.
Chief financial officer Simon Jones says a $10 million write down in Sealord’s investment in South America affected the consolidated result.
He says market conditions remain tough, as three quarters of the company’s exports are paid for in United States dollars, whose value has gone down against the Kiwi.
Aotearoa Fisheries declared a $6.8 million dividend, or $54 a share, down from $72.81 last year.
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