Friday 28th October 2011
|Text too small?|
Sanford, the fishing company, said annual profit fell as much as 12 percent, reflecting the impact of a strong New Zealand dollar on export returns and a lower Pacific tuna catch.
Net profit was $22 million to $23 million in the 12 months ended Sept. 30, from $25 million a year earlier, the company said in a statement. Sales rose 10 percent in the year though all of the increase occurred in the first half, it said.
“Results for the second six months have been impacted by lower tuna catches by vessels operating in the Pacific and the effect of the stronger New Zealand dollar on export receipts,” the company said.
The New Zealand dollar reached a post-float high above 88 US cents at the start of August. In the 12 months ended Sept. 30, the kiwi gained about 10 percent.
Sanford shares fell 1.6 percent to $4.84 and have edged up about 3.6 percent this year. The stock is rated ‘underperform’ based on the consensus of four recommendations compiled by Reuters.
Earnings before interest, tax, depreciation and amortisation were about $50 million, little changed from last year’s $49 million.
Sanford said returns from aquaculture improved in the second six months, with stable prices though lower-than-expected volumes.
The company plans to release its full results on Nov. 30.
No comments yet
Sanford names Volker Kuntzsch as CEO, replacing Barratt
Sanford faces three charges relating to illegal dumping of oil at sea
Sanford annual profit to miss forecast on lower skipjack tuna, toothfish and mussel harvest
Sanford annual profit falls 6.7% on mussel farm restructuring
Former Sanford engineer faces up to 26 years jail for obstruction
Sanford's Barratt 'disappointed' at US guilty verdict
US withdraws US24M 'proceeds of crime' claim against Sanford
US Justice Dept set to release Sanford fishing vessel in Pago Pago
Sanford full-year profit falls 11% as kiwi dollar's strength erodes returns in second half
Sanford holds dividend as earnings soar