Auckland, New Zealand-based seafood company Sanford Limited reported a decrease in earnings in its mid-year report, according to a media release from the firm on 22 May.
At the midpoint of its financial year, ending 31 March, 2019, the company recorded losses in adjusted earnings before interest and tax (EBIT) of NZD 32.6 million (USD 21.2 million, EUR 19.1 million) for the six months to 31 March, 2019, an 8 percent drop compared to the same period last year [NZD 35.4 million (USD 23 million, EUR 20.6 million)].
Sanford also reported a 16 percent decrease in its net profit after-tax (NPAT) earnings from last year’s NZD 27.3 million (USD 17.7 million, EUR 15.9 million) to NZD 22.9 million (USD 14.9 million, EUR 13.3 million) this year.
Sanford’s financial results also included a prior year one-off insurance settlement for earthquake damage to its Havelock mussel processing plant of NZD 9.9 million (USD 6.4 million, EUR 5.7 million ). In comparison, the 2019 result included a gain on sale of NZD 4.1 million (USD 2.6 million, EUR 2.4 million) for some of Sanford’s pelagic quota.
Sanford also reported a slight increase in its EBIT per green weight kilogram from NZD 0.56 (USD 0.36, EUR 0.32) per kilogram in the first six months of 2018 to NZD 0.57 (USD 0.37, EUR 0.33) per kilogram in the same period for 2019.
Despite the challenges faced during the financial reporting period, Group CEO Volker Kuntzsch said the result is satisfactory.
The company mentioned the death of a crewmember aboard one of its deep-water vessels, San Granit, in the first half of 2019, which impacted the catches affecting the financial results.
The company also reported some positive results during the first half of 2019, including the opening of the Auckland Fish Market.
“Sanford has been present in this area for many decades and now we are delighted to be able to offer seafood lovers from Auckland and far beyond a modern, dynamic and world-class fish market,” Kuntzsch said.
The seafood firm also opened a rebranded Sanford & Sons fishmonger, selling a wide range of Sanford-caught and -farmed seafood.
Sanford has also launched its wholly-owned supplements brand, Sea to Me, in the first half of 2019, marking the company’s first foray into online commerce.
The company sells Greenshell mussel powder capsules for natural inflammation management and its launch also coincides with positive developments at the company’s mussel powder plant in Blenheim, which has already doubled in size in recent months.
Image courtesy of Sanford Limited
