King Salmon ahead after harvest woes

made from the deposits on the seabed under fish farms.

Rosewarne said the company had held focus groups with gardeners in co-operation with Mitre 10 and received positive feedback.

‘‘We want to control our destiny. We used to provide pet food ingredients to other processors and it would be included along with other ingredients under other brands until we decided to do it ourselves under the Omega Plus brand.’’

Another big change already well under way was the importation of processed and sliced Atlantic salmon from Canada and Norway. The processed product avoided any biosecurity issues. ‘‘Rather than fight it we’ve decided to embrace imports.’’

Rosewarne said he expected the company would increase imports for sale in New Zealand to about 1500 tonnes over the next year or so. The company harvests about 8000 tonnes annually and sells half of it overseas.

NZ King Salmon is on track to post a $25 million annual profit from its eight farms despite tonnes of fish dying due to hot weather last summer.

The losses prompted the company to import stock to maintain sales, and seek $116,000 from a Ministry for the Environment waste fund to develop processes for dead fish and fish faeces.

Despite the farming challenges, export sales were ‘‘highly successful’’ especially the marketing of the company’s premium O¯ ra King and Regal brands that were sold in hundreds of restaurants overseas, he said.

NZ King Salmon’s report for the year ending in June 2018 will be published with more detail in August.

Highlights from the report include sales volumes of 7750 metric tonnes compared with 7223 tonnes in 2017. The company’s profit after tax in 2017 was $22m.

Rosewarne said prices were up, with positive demand and limited supply partly due to high summer temperatures affecting salmon survival rates.

NZ King Salmon would continue its annual investment of about $13m to improve performance ‘‘and unlock the full environmental and economic potential from the existing farm consents’’.

It is the world’s largest aquaculture producer of the king salmon species and employs about 500 people.