November 12, 2014
Sealord sailing back into profit
Sealord chair Matanuku Mahuika says the company has bounced back after two tough years, and it is making the tough decisions needed for future growth.
Labour MP Rino Tirikatene has criticised the decision to cut 160 jobs at the company’s Nelson wetfish processing plant, and says the business seems to be going backwards.
Some iwi including Kahungunu have marked down the value of their shares in parent company Aotearoa Fisheries because of a fall in Sealord earnings.
But Mr Mahuika says iwi have been told the company has been taking the necessary hits associated with its exit from the loss-making Argentinian subsidiary.
"Actually there is a plan here around improving the performance of the business, building something which is more sustainable into the future. In this current year we expect to deliver a result which is above plan. We planned for a net profit after tax of just under $20m and we will deliver above that, and the most pleasing thing is that we will do that from operations within the business," he says.
FOR THE FULL INTERVIEW WITH MATANUKU MAHUIKA CLICK ON THE LINK
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