Sanford posts 10 percent higher FY profit in "challenging year"
SEAFOODNEWS.COM [Stuff.co.nz] By Suze Metherell - November 19, 2014 -
Sanford, New Zealand's largest listed fishing group, lifted annual profit 10 percent as gains in its deepwater fishing and aquaculture operations offset falling skipjack tuna prices.
Tax-paid profit before minority interests rose to $22.4 million in the year ended Sept. 30, from $20.4 million a year earlier, the Auckland-based fisher said in a statement. Sales fell 2.2 percent to $452.4 million, reflecting "highly variable operational performance across the business", which saw the Australian arm continue to trade unprofitably.
"This year has been as challenging as prior years," the company said. "The diversity has again helped to combat low commodity prices for the key species like skipjack tuna and other pelagics." Revenue fell across its Asian, Pacific, African and Middle Eastern customers, but did pick up in Europe and North America.
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