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Wednesday 20th October 2010 |
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Fishing company Sanford says it expects net profit to beat analysts' forecasts as it benefits from better fish prices and its allocation of Emissions Trading Scheme units.
The company said net profit will be about $25 million in the year ended September 30 with "steadily improving prices for many species" taking the edge off a strong kiwi dollar, while its allocation of emission trading units will bolster the bottom line by $3.34 million.
That's still a decline of about 36% from last year as the currency's appreciation eroded Sanford's profitability.
Sales rose 14% in the second half of the financial year, taking annual revenue to $420 million, and earnings before interest, tax, depreciation and appreciation will be about $48 million.
A Reuters analyst survey reported a consensus forecast of $24.1 million.
Sanford's full results will be published on November 24. The shares rose 1.9% to $4.20 in trading today.
Businesswire.co.nz
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