December 23, 2015
Aotearoa Fisheries profit drops as Sealord struggles
It’s been a bad year for Sealord, but how bad won’t be known until its results come out in the New Year.
Last year when it bounced back into profit its financials were released at the same time as those for Aotearoa Fisheries Limited, the pan-Maori company that owns half of the Nelson-based deepwater fishing business.
This year they have been held back, but AFL yesterday reported a lower dividend from Sealord meant its profit dropped 27 percent to $16 million, compared with $21.9 million in 2014.
It will pay a $6.4 million dividend to iwi shareholders, $2.4 million less than last year.
AFL chair Whaimutu Dewes says while the Sealord profit was down, Aotearoa’s other divisions performed well.
These include the inshore fishing company Moana Pacific, paua and food processing company Prepared Foods, Pacific Oysters and the Whitianga-based wetfish, lobster and scallop business OPC.
Sealord chief executive Steve Yung blamed the lower profit on a poor mussel crop, lower global white fish prices in the last quarter and vessel breakdowns.
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