Meat processor and exporter Anzco Foods reported a 90 per cent plunge in full-year pre-tax profit in what it said was a tough year for beef processing.
Anzco, a unit of Japanese-listed Itoham Yonekyu Holdings, said its pre-tax profit was $1.8 million in the 2017 calendar year versus $17 million in 2016. Revenue of $1.46 billion was consistent with the prior year when it was $1.45 billion, it said.
"This result reflects a tough year in beef processing which comprises around 60 percent of Anzco Foods business," said chief executive Peter Conley in a statement. He provided no further detail on the sharp fall in profit and was not immediately available for comment.
The company has "aggressively pursued its strategy to reposition itself" and create net value from food, nutrition and healthcare products, he said. These initiatives have contributed positively to Anzco Foods performance with a 30 percent lift in sales in those categories, according to Conley.
Conley also said growth of the Wakanui brand supported Anzco Foods differentiated beef strategy in New Zealand, Asia and other markets, including the first shipments to China with the opening of that market for chilled New Zealand beef and lamb.
