March 25, 2015
Maori fisheries celebrate return to profit
Pan-Maori fisheries companies are celebrating a return to profit as they look forward to fresh challenges in the industry.
At the Te Ohu Kaimoana Maori fisheries settlement trust hui a tau in Auckland today, Aotearoa Fisheries reported a $21.8 million profit on revenue of $162 million.
Improved returns on inshore fisheries and oysters offset a sharp drop in paua sales, driven by changed conditions in the biggest market China.
Chief executive Carl Carrington says the company is exploring different ways of improving the value of paua, including getting customers to see the New Zealand species black colouration as a positive thing rather than something to be bleached out.
There was also a boost from its half share in the $105 million dividend from Sealord Group, which is back in profit after exiting a loss-making South American operation.
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