Sealord’s earnings up after disposing of lossmaker
THE Sealord Group has lifted its annual net profit 3% after it disposed of a lossmaking venture and as earnings from continuing operations climbed by 11.4%.
New Zealand’s secondlargest fishing company reported a $24.3 million net profit for the year ended September, up from $18.5 million the previous year.
The yearearlier result for Sealord, which is halfandhalf owned by iwi vehicle Moana New Zealand and Japanbased Nippon Suisan Kaisha, or Nissui, had been dragged down by a $3.2 million net loss from its Britishbased Sealord Caistor processing business that it sold to Nissui from April 1 last year. Excluding that loss, Sealord’s result was 11.4% higher than in the previous year.
Another factor in the improved profit was a 2.7% reduction in the operation’s administrative expenses.
Moana said in a statement that Sealord lifted ‘‘operational performances both at sea and onshore processing despite facing strong headwinds as well as inmarket activation’’ and has yet to respond to BusinessDesk queries about those headwinds or what ‘‘inmarket activation’’ means.
Moana itself reported an 11% increase in net profit to $21.4 million for the year ended September 30.
‘‘The year has not been without its challenges, with further cuts to the total allowable commercial catches of fin fish and wild paua, high mortalities in the Blue Abalone farm through high water temperature as well as a tough year on sales,’’ Moana said.
Sanford, New Zealand’s largest fishing company, also reported on negative impacts on both fin fish and aquaculture of abnormally high sum mer water temperatures, as did New Zealand King Salmon at its farms in the Marlborough Sounds.
‘‘However, Moana New Zealand Pacific Oysters had a particularly good year as overseas customers recognise the high quality of Moana New Zealand’s oysters and are enjoying the benefits and consistency of yearround supply made possible through its hatchery farming practices,’’ the company said.
It also reported a strong year for its Port Nicholson Fisheries, where both lobster catches and prices improved.
Moana said it had declared an $8.6 million dividend which its 58 iwi will share in respectively.
‘‘This brings the total dividends to its shareholders since Moana New Zealand’s inception in 2004 to $95.1 million, including the special distribution of $30 million in 2012.’’ — BusinessDesk