Higher profit expected in NZ King Salmon’s results

STRONG ongoing market demand and continued positive fish performance is likely to lead to New Zealand King Salmon announcing a higher profit when it releases its results in August.

The directors issued a statement to the NZX yesterday saying the proforma operating profit for the full year ending June 30 was now forecast to be between $20.5 million and $21 million, an increase on the $19.2 million previously forecast.

The operating profit forecast excluded the $1.8 million onoff supplier settlement gain and costs of about $800,000 incurred to date through the proposed salmon farm relocation process being worked through.

Also excluded were oneoff costs of $2 million incurred by NZ King Salmon for its initial public offering, completed in October last year.

Following finalisation of the group’s 2018 budgets, the direc tors said, based on current market demand and fish performance expectations, the company still expected to meet its forecast of an operating profit of $22.4 million and reported profit of $14.1 million for the year ended June 2018.

The results were expected to be released before the market opened on August 25.