November 11, 2013
Argentina wipes out Aotearoa Fisheries Ltd dividend
Aotearoa Fisheries looks likely to miss paying a dividend to iwi shareholders this year because of losses incurred in Sealord’s exit from its Argentinian operation.
Chairperson Whaimutu Dewes says the company, which runs a range of businesses including inshore fishing, oyster farming and paua processing, had a strong year despite adverse conditions.
It’s set to make a profit of about $14 million.
However, its half share in Sealord has dragged the result down for the Maori fisheries settlement companies.
"Sealord, with the Argentine investment write down taking all year, will mean that it’s unlikely, with the losses that the group shows when you consolidate them, that we will be paying a dividend this year," Mr Dewes says.
Aotearoa Fisheries has had an active year, including building a new plant for its Prepared Foods subsidiary in Palmerston North, buying Auckland company Antons Seafoods and finding three new directors.
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