Sanford Limited 2014 report: Less revenue, more profit
New Zealand seafood company Sanford Limited’s annual report shows a gain in profit compared to last year, despite a reported loss of revenue.
Sanford ended its year on 30 September with a reported gain of 10.2 percent in profit to NZD 22.4 million (USD 17.6 million, EUR 14 million). The profit gain comes in spite of a recorded drop of earnings before interest, taxes, dividends and acquisitions (EBITDA) by 5 percent to NZD 46.7 million (USD 36.7 million, EUR 29.3 million) and a drop in revenue from NZD 462.6 million (USD 363.6 million, EUR 290 million) recorded in 2013 to NZD 452.4 million (USD 355.6 million, EUR 283.6 million) recorded this year.
CEO Volker Kuntzch credited “prudent foreign exchange management coupled with successful deepwater fishing and aquaculture performances” for the profit gains.
“As we are involved in deepwater, inshore and international fishing operations as well as finfish and shellfish farming, Sanford is probably one of the most diverse seafood companies globally,” Kuntzch said. “This diversity has again helped to combat low commodity prices for key species like skipjack tuna and other pelagics.”