Sealord profit jumps 31pc to $24.3m

The Sealord Group lifted annual net profit 31 per cent after it shed a loss-making venture and as earnings from continuing operations climbed 11.4 per cent.

New Zealand’s second-largest fishing company reported a $24.3 million net profit for the year ended September, up from $18.5m the previous year.

The year-earlier result for Sealord, which is jointly owned by iwi vehicle Moana New Zealand and Japan-based Nippon Suisan Kaisha, or Nissui, had been dragged down by a $3.2m net loss from its British-based Sealord Caistor processing business that it sold to Nissui from April 1 last year. Excluding that loss, Sealord’s result was 11.4 per cent higher than in the previous year.

Another factor in the improved profit was a 2.7 per cent fall in administrative expenses.

Moana says in a statement that Sealord lifted “operational performances both at sea and onshore processing despite facing strong headwinds as well as in-market activation”.

Moana itself reported an 11 per cent increase in net profit to $21.4m 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 says.

“However, Moana New Zealand Pacific Oysters had a particularly good year . . .” the company says.

It also reports a strong year for its Port Nicholson Fisheries, with both lobster catches and prices improving.

Moana says it has declared an $8.6m dividend which its 58 iwi will share in respectively.