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

 

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Quotas: MPI Swoop On Suspected Fraudulent Fishing Activity

Ministry for Primary Industries (MPI) compliance officers swooped on a Hawkes Bay fishing enterprise today to secure evidence in an investigation into suspected fraudulent activity... “The investigation involves activity throughout the commercial supply chain – catching, landing, processing and exporting.” More>>

ALSO:

Scoop Business: Fonterra Slashes 2015 Milk Payout, Earnings Tumble 76%

Fonterra Cooperative Group cut its forecast 2015 milk price payout by about 12 percent, citing weaker global dairy prices and said there is a risk of further declines given strong global milk production. More>>

ALSO:

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news