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Increased revenue and tight control on costs helped Sealord Group to an after tax profit of $22.9 million, more than double 2015’s lacklustre $8.8 million.
The result boosted the fortunes of pan-Maori seafood company Moana, which owns the Nelson-based deepwater fishing company with Japanese fishing giant Nippon Suisan Kaisha and last month declared a 22 percent profit lift.
According to the annual report of the joint venture vehicle Kura Limited just filed with the Companies Office, revenue for the year ended September 30, 2016 was $454 million, compared with $431 million in 2015, a 5 percent increase.
Distribution expenses stayed stable at 7 percent, while there was a $3 million saving in administrative expenses.
It spent $1.4 million on restructuring, but its wage bill was down $3.2 million to $82.5 million.
The profit for 2015 was adjusted down from $10.1 million to $8.9 million to account for an error in the acquisition accounts for Tasmanian salmon farmer Van Diemen Aquaculture Pty Ltd.
During the year it sold its North Island Mussel business.
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