Oceana Group's Earnings Hurt by Horse Mackerel But Lucky Star Did Well
SEAFOODNEWS.COM [Business Day] By Marc Hasenfuss - May 18, 2015
CAPE TOWN — Fishing conglomerate Oceana, which is set to announce a deal in the US shortly, saw its share plunging more than 14% on Friday after reporting a drop in interim earnings to end March.
Horse mackerel has, in recent years, been a strong performer for Oceana. But this time the hake and horse mackerel segment saw profits down a hefty 46% to R108m, with Oceana CEO Francois Kuttell reporting the company incurred additional costs in having to buy in additional horse mackerel to maintain appropriate overall quota requirements.
The company, though, netted a much bigger profit haul from its key Lucky Star canned fish brand. Results released at the weekend showed Oceana’s canned fish and fishmeal division made a 13% increase in turnover to R1.58bn.
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