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Losses in its Argentinian subsidiary have hit the earnings of fishing company Sealord.
New Zealand’s second largest fisheries company is jointly owned by pan-Māori Aotearoa Fisheries Settlement Company and Japan’s Nippon Suisan Kaisha.
Sealord’s holding company, Kura Ltd, declared a $5.2 million profit in the 12 months ended on September 30 on sales of $487 million.
It made $13.4 million the previous year, which was 15 months because of a change in the balance date.
Rampant inflation of the Argentinian peso drove up costs in its Yuken subsidiary, which recorded a $7 million operating loss.
Sealord also took a $10 million charge against the business, which it is trying to sell.
Copyright © 2013, Uma Broadcasting Ltd
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