Tassal shares up after profit haul

SHARES in Tassal Group have surged more than five per cent after the salmon farmer said first-half net profits had lifted 9.7 per cent and it expected increased revenue and earnings for the rest of the financial year and strong growth in 2017/18.

Tassal’s net profit for the six months to December 31 was $27.7 million, up from $25.3 million a year earlier.

The company said environmental conditions underpinning fish growth had improved in the first half and over summer, and favourable prices in wholesale and export markets were expected to continue into the 2017/18 financial year.