Kura profit down

Kura, the parent of fishing company Sealord, reported an annual profit of $22.8 million for the year to June, down from $24.2 million in the previous year.

The annual report shows revenue up to $584.9 million from $556 million the previous year.

Cost of sales was up to $484.4 million from $452.4 million.

Kura is half owned by Aotearoa Fisheries and half by Nippon Suisan Kaisha of Japan.

The report showed secured loans of $172.9 million with a banking syndicate that expire on June 30, 2010.

Negotiations to renew the facilities were under way with the syndicate and it was anticipated the renewed facilities would be in place before the end of June.