The Sealord Group lifted annual net profit 31 per cent after it shed a loss-making venture and as earnings from continuing operations climbed 11.4 per cent.
New Zealand's second-largest fishing company reported a $24.3 million net profit for the year ended September, up from $18.5m the previous year.
The year-earlier result for Sealord, which is half-and-half owned by iwi vehicle Moana New Zealand and Japan-based Nippon Suisan Kaisha, or Nissui, had been dragged down by a $3.2m net loss from its British-based Sealord Caistor processing business that it sold to Nissui from April 1 last year. Excluding that loss, Sealord's result was 11.4 per cent higher than in the previous year.
Another factor in the improved profit was a 2.7 per cent fall in administrative expenses.
Moana says in a statement that Sealord lifted "operational performances both at sea and onshore processing despite facing strong headwinds as well as in-market activation" and has yet to respond to BusinessDesk queries about those headwinds or what "in-market activation" is.