Moana NZ posts little-changed full-year profit as returns from lobster, fin fish fall; lifts dividend

Tuesday 12th December 2017

Moana New Zealand, the iwi-owned company that holds a half stake in Sealord Group, posted a little-changed full-year profit as improved returns from ready-to-eat products and aquaculture was offset by a weaker performance in fin fish and lobster.

Profit was $19.27 million in the 12 months ended Sept. 30 from $19.4 million a year earlier, the Auckland-based company said. It didn't immediately provide a revenue figure. It will pay a dividend of $9.7 million, which it said was a record payout, from $8.2 million a year earlier.

Moana is owned by Aotearoa Fisheries, whose shares, in turn, are held by iwi and Te Ohu Kaimoana Trustee.

Earnings from its ready-to-eat business were $3 million more than expected while its aquaculture operations "were another standout, producing strong results with production up, along with an upturn in sales of premium grades," said chief executive Carl Carrington. "That was balanced out by a downturn in profits from lobster and fin fish, which have been affected by a softening in pricing for these products in the Chinese market, and reductions in harvest," he said.

The figures reflected "good results from Sealord in operational performances both at sea and onshore processing" and the Hoki season "produced strong operational and sales results," he said. The company didn't provide further financial details.

(BusinessDesk)

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