KEY POINTS:
Sanford, New Zealand's largest publicly traded fishing company, has said full-year profit may rise if the nation's currency falls, because market prices are improving.
Sanford's net income fell 14 per cent in the year ended September 30 as the stronger currency crimped exports. New Zealand's dollar has gained 11 per cent in the past six months. It closed at US68.83c and 83.69 yen yesterday.
Were the currency to fall to the low 60c level and under 80 yen, we would have "the potential for improved returns this year," managing director Eric Barratt said.
"Market prices for species such as hoki, salmon and snapper have all improved."
Sanford shares fell 4c to $5.16 on yesterday.
- BLOOMBERG
