Sealord records first profit since Argentina investment
New Zealand’s Sealord Group has reported a net profit at the end of its fiscal year on 30 September, which the company described as “a significant turnaround” compared to the previous year.
“I’m pleased we have delivered on our commitment to return to profit in 2014,” said Chairman Matanuku Mahuika. “This is a result of Sealord’s focus on optimizing margins in a competitive global environment, along with tight cost controls.
After the exit from Sealord’s Argentine fishing investment last year, the company recorded a net profit after taxes of NZD 25.4 million (USD 19.7; EUR 16.1 million).
CEO Steve Yung said the results reflect the company’s plans for growth.
“Sealord Group has come through a difficult period and has made some tough decisions to make sure that the business is structured correctly for the future,” he said.
Mahuika also credited the company’s partners for the profits.
“There has been good growth in the key Australia and New Zealand markets and the efforts of our joint venture partners — the Westfleet fishing business in Greymouth and Petuna aquaculture in Tasmania — have made a positive contribution to the result,” Mahuika said.