Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Argentinian losses pushed Sealord into the red

Argentinian losses push Sealord into the red, North Island Mussels stake for sale

By Paul McBeth

Jan. 30 (BusinessDesk) - Sealord, New Zealand’s second-largest fishing company, sank into the red after crystallising a $46.9 million loss on the sale of its Argentinian unit last year and has since put its stake in North Island Mussels up for sale.

The Nelson-based company made a net loss of $44.3 million in the 12 months ended Sept. 30, compared to a profit of $3.5 million a year earlier, according to holding company Kura’s financial statements, lodged with the Companies Office. Sealord wrote off $37.1 million from the sale, and incurred a further $9.9 million in operating losses.

Gross profit sank 23 percent to $75.3 million, on a 6.1 percent decline in revenue to $457.3 million.

Sealord, which is jointly owned by Maori tribal interests through Aotearoa Fisheries and Japan’s Nippon Suisan Kaisha, took a $10 million charge against its Yuken business in Argentina in the year ended Sept. 30, 2012, before selling the business to local interests in August last year for an undisclosed sum.

In Aotearoa Fisheries’ annual report, chairman Whaimutu Dewes said the result was disappointing to the Maori fisheries company.

“Aotearoa Fisheries as a shareholder is mindful of the original drivers that lead to the acquisition of Sealord Group Limited and we continue to monitor the group's strategy and its execution to make 2013 a one-off event,” Dewes said in his report.

“Sealord is expecting a significant turnaround in 2014 and the Sealord board has approved a plan for profit for the year of $19.5 million, resulting in a profit contribution to Aotearoa Fisheries of $9.75 million,” he said.

Sealord slashed its dividend payment to $2.6 million, which was paid in December 2012, from $16 million a year earlier.

As well as the loss on the Yuken sale, Sealord booked a $2.6 million provisioning charge on the closure of a joint venture and faced $1 million in restructuring costs.

Before its Sept. 30 balance date Sealord began the sale process for its North Island marine farm licences and its 50 percent stake in North Island Mussels, which it co-owns with NZX-listed Sanford.

“It’s highly probable that the sale will take place in the next 12 months,” it said.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news