Sanford warns of disappointing first half profit

Eric Barratt

Revenue was down 2 per cent for the six months ended March 31, as disappointing sales in the second quarter reversed a 15 per cent rise in the first three months.

"While demand has been strong for many species in Europe, weaker markets in the United States have resulted in lower volume sales of orange roughy, greenshell mussels and toothfish in the first half this year compared to the same period last year," Sanford managing director Eric Barratt said.

Catches and aquaculture production levels had been satisfactory, at 6 per cent ahead of last year.

Earnings before interest, tax, depreciation and abnormals was expected to increase slightly for the six months ended March 31.

However, foreign exchange losses of at least $7 million, compared with similar-sized gains a year earlier, would result in lower normalised after-tax earnings.

To continue reading this article please click here

Source: Nzherald.co.nz

Sign up for our
regular news updates

Latest Industry News

•   Britain Makes the Switch to Sustainable Species
•   Council Supports Local Oyster Industry
•   EU Approves Block Exemption for State Aid
•   500 Marine Protected Areas Established in Philippines
•   Parliament Passes Fisheries Bill
•   Scottish Fishermenn Maintain Pressure over Fuel
•   Update on Ganglioneuritis Virus in Abalone
•   Lack of Fish Farming Policy Force Prices Down
•   Governor Impressed by Seafood Industry
•   New Zealand Fast Forward Bold Step Forward