Catch, dollar affecting Sanford

Sanford, the fishing company, said annual profit fell as much as 12 per cent, reflecting the impact of a strong New Zealand dollar on export returns and a lower Pacific tuna catch.

Net profit was $22 million to $23 million in the 12 months ended September 30, from $25 million a year earlier, the company said.

Sales rose 10 per cent in the year though all of the increase occurred in the first half, it said.

"Results for the second six months have been impacted by lower tuna catches by vessels operating in the Pacific and the effect of the stronger New Zealand dollar on export receipts," the company said.