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Pan-Māori company Aotearoa Fisheries intends to go out to its iwi shareholders to explain a $10 million drop in profits in its six-monthly results.
The company made $7.2 million in the six months to March 31, compared to $17.3 million in the comparable period last year.
That’s because of its share of losses in Sealord Group, which it owns in a 50-50 joint venture with Japanese company Nissui.
Sealord says it has made heavy losses in its Argentinean subsidiary, Yuken SA, which it intends to shut down by the end of the financial year.
It has written down the value of its investment to what it expects it can sell it for.
The performance of Aotearoa Fisheries’ own business units, including Moana Pacific, was up on the same period last year.
Aotearoa chair Whaimutu Dewes says it’s a disappointing result that will affect the yearend profit.
He says directors intend to report to iwi about the situation over the next couple of months.
Directors of Te Ohu Kaimoana Trust, Aotearoa’s largest shareholder, are also upset at Sealord’s performance.
Copyright © 2013, UMA Broadcasting Ltd
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