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

 

Aotearoa Fisheries posts $16m profit

Aotearoa Fisheries posts $16m profit despite challenging year for Sealord

Iwi-owned fishing company Aotearoa Fisheries Limited has reported a net profit after tax of $16 million for the year ended 30 September 2015.

In making the announcement, the chairman of Aotearoa Fisheries Limited, Mr Whaimutu Dewes, and chief executive of Te Ohu Kaimoana, Mr Peter Douglas, said Aotearoa Fisheries business divisions have performed well during the year and delivered a good result despite a difficult operating environment for Sealord Group Limited.

“Our profit is comprised of two main areas and is like a game of two halves,” Aotearoa Fisheries Chairman Whaimutu Dewes says. “Although the Sealord profit was down, after a good year last year, we were pleased to see our own business divisions performing well.”

Aotearoa Fisheries has announced a dividend to iwi shareholders totalling $6.4 million for the year. Since 2010 the company has paid $38.6 million cash to iwi in dividends.

Aotearoa Fisheries CEO Carl Carrington says the performance of the group in all was pleasing in the face of foreign currency headwinds. “The investment over the last few years in infrastructure and expansion into new markets is having positive impacts on our financial performance.”

Mr Peter Douglas added: “As the controlling shareholder, Te Ohu Kaimoana is pleased that Aotearoa Fisheries has performed well. The company is fundamentally in a sound position as the 58 iwi organisations ready themselves to take direct ownership of the company.”

“While we think the medium-term future for seafood is positive, we are dealing with natural systems with all the variations that go with that. We also work in high-value markets that are susceptible to global and local conditions. That means there will be fluctuations in any one year. The benefit of being part of a large group is that a falloff in one part of the company can be balanced by upturns in another,” Mr Douglas said.

Sealord Group Limited CEO Steve Yung said: “It has been a challenging year with a poor crop of mussels, softening global white fish pricing in the last quarter and vessel breakdowns, leading to a below expectation profit.

Our fishing capacity was restricted due to vessels being off the water, which reduced both sales and profitability. We have now completed the sale of our mussel business.”

Aotearoa Fisheries Limited manages commercial seafood assets that include a 50 percent ownership of Sealord Group Limited. The company wholly owns Moana Pacific Fisheries, OPC Fish and Lobster, Prepared Foods Limited, Pacific Marine Farms and Kia Ora Seafoods.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Federated Farmers: NAIT Levy Increases Must Achieve Accurate, User-friendly System
Nobody welcomes extra costs but if OSPRI is to catch-up on under investment in the NAIT platform and deliver on its workability and farmer support, levy increases are probably necessary, Federated Farmers says... More>>



Westpac: More Job Opportunities, But Growth In Workers’ Earnings Remains Subdued

The Westpac McDermott Miller Employment Confidence Index rose 1.2 points in the December quarter, to a level of 106.9. This was the sixth straight rise in the index since the Covid-19 lockdown in 2020. Michael Gordon, Acting Chief Economist for Westpac, noted that the rise in the index has largely been driven by perceptions... More>>




Statistics: Card Spending Continues To Increase As COVID-19 Restrictions Ease

The busy Christmas period combined with easing COVID-19 restrictions helped to increase card spending in December 2021, Stats NZ said today... More>>

TradeMe: Job Market Ends 2021 On A High With Record Number Of Vacancies
The New Zealand job market finished 2021 on a high note, with the ball still firmly in the job hunters’ court, according to the analysis of 69,600 vacancies listed on Trade Me Jobs for the quarter ending 31 December (Q4)... More>>


Insurance Council of New Zealand: September South Island Windstorm Cost $36.5 M Raises 2021 Extreme Weather Claims Total To $321.6 M

Gale force winds and storms between 9 and 13 September 2021 resulted in insurers supporting communities to the tune of $36.5 m. This is a significant rise, of $16.7 m, on preliminary figures for the event and lifts the end of year total for all extreme weather events in 2021 to $321.6 m... More>>


Statistics: Building Consents Hit New Highs In November
There were a record 48,522 new homes consented in the year ended November 2021, Stats NZ said today. This was up 26 percent compared with the year ended November 2020... More>>