New Zealand-based Sanford Announces 46% Annual Profit Dip
Sanford Limited shared its significant drop in annual profit, with the company expecting a Net Profit After Tax of NZD $22.4 million (USD $15.15 million), a 46% decrease on 2019 (NZD $41.7 million).
“Our earnings reflect the ongoing impacts of the COVID-19 pandemic on Sanford’s sales channels, primarily to food service, as disclosed in our market update on 2 September 2020,” the company said in a market advisement filed to the New Zealand stock exchange. “This result is a continuation of the sales revenue trend which we advised the market of in September...”
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