Sanford Limited: Six Months Results to 31 March 08
Half Yearly Report
The financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice (“NZ GAAP”) applicable to interim financial statements. They have been prepared in accordance with New Zealand Equivalent to International Financial Reporting Standard (NZ IFRS) NZ IAS 34 Interim Financial Reporting. Compliance with NZ IAS 34 ensures that the financial statements also comply with IAS 34 Interim Financial Reporting.
Sanford is pleased to report a profit of $35.3m for the six month period ended 31 March 2008 compared with $11.4m for the same period last year.
Revenue has increased by 18.5% from $184m last year to $218m this year.
Increased sales volumes and improving prices have lifted EBITDA from $26.3m last year to $35.5m this year.
Included in the profit for the six months is a one-off gain of $26.2m on the sale of shares in the Canadian company Fishery Products International Limited (FPI) and an impairment charge of $5.6 (net of tax). Operational profitability of the business has been strong, with improved catches