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Sealord has 'fessed up' to the cost of exiting its Argentinian hoki fishing venture.
It sold its Yuken subsidiary last August and has booked a loss on the sorry sags at $46.9 million, including $9.9 million in operating losses for the year.
That resulted in Sealord’s holding company, Kura, declaring a $44.3 million loss in the 12 months ended September 30.
It cut its dividend from $16 million to just $2.6 million, meaning its 50 percent shareholder Aotearoa Fisheries had less to pay its iwi shareholders.
Overall revenue dropped 6.1 percent to $457.3 million, indicating deeper problems than just South America.
Aotearoa Fisheries chair Whaimutu Dewes says Sealord is expecting a significant turnaround in 2014 and the Sealord board has approved a plan for profit for the year of $19.5 million.
The accounts filed yesterday also reveal the company has put its North Island Mussel subsidiary up for sale.
It bought the Tauranga mussel factory from receivers in September, valuing the operation at $2.6 million more than it paid.
After continuing problems it revised that figure down to $1.4 million.
Copyright © 2014, UMA Broadcasting Ltd
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