Sealord, New Zealand’s second largest seafood company, has attributed a NZD 20.6 million profit increase over 15 months to a good performance from the company’s deep-water fishing unit.
The after-tax net profit increase brings total revenue for the holding company, Kura, from NZD 530.8 million last year to NZD 573.5 million, up by $40.2 million. Reported debt levels are also down by NZD 15 million and owners have been paid NZD 16 million over the period.
The 15-month reporting period follows a change in Sealord’s reporting date to match the fishing season, but chief financial officer Jason Dale told BusinessDesk that because the period includes two off-season fishing periods the result is not as good as it would have been for the 12 month period.
Dale says the company’s deep-water fishing business unit, which catches mainly whitefish out beyond the coastline, is the main reason for Sealord’s profit increase. This has meant lower costs and combines with higher prices this year for protein in general and white fish in particular.
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