Sanford profit for first half falls 35pc

Fishing company Sanford has posted a 35 per cent fall in first-half net profit due to lower foreign exchange gains and higher interest rate costs.

Sanford announced a profit after tax of $15.4 million for the six months to March 31, compared with $23.7 million for a year earlier.

Earnings before interest, tax and depreciation rose 46 per cent to $18.6 million, but gains on foreign exchange cover fell 32 per cent to $19.1 million. Interest costs rose to $5.6 million from nil the year before.