January 26, 2016
Sealord profit slumps 62 percent
Sealord’s Group’s profits took a $16 million dive in the year to September, affecting the return to shareholders of its 50 percent owner Aotearoa Fisheries.
According to accounts filed in the Companies Office by Kura Limited, the joint venture vehicle of Aotearoa Fisheries and Nippon Suisan Kaisha, the Nelson-based company made just over $10 million after tax in the year to September 30 on revenue of $431 million.
Sealord chair Matanuku Mahuika says while the company tried hard to keep on top of costs and margins, it took some critical hits.
"First of all we had a number of vessel break downs which is a reflection of the age of our fleet and there was quite a big dip in the price we are getting for our headed and gutted Hoki which was a big earner for us the year before," he says.
Matanuku Mahuika says the company exited its mussel businesses, which involved some write downs.
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