KEY POINTS:
Fishing company Sanford yesterday reported a $53.34 million profit in the year to September 30, up from $20.14 million last year.
The company cited higher market prices for many species, the one-off sale of an investment in Canadian company Fishery Products International, and the sale of non-core assets as contributing to the profit hike.
The profit was achieved on revenue of $436.56 million, up 18.7 per cent. Profit before tax of $68.75 million was up from $25 million last year.
The company declared a final dividend of 14c a share, payable on December 17 to shareholders on the register on December 12.
Sanford was pleased that underlying earnings were stronger despite the high exchange rate and high fuel prices. It made foreign exchange gains in the second half of the year as the New Zealand dollar declined. Seafood prices also continued to increase over the second half of the year.
The company took an impairment charge of $6.3 million after tax and wrote off $1.5 million after tax on the value of a leasehold property on the Auckland waterfront.
Sanford said it was difficult to read pricing signals in markets.
"The overall impression is that they are still in a state of flux."
- NZPA
