Factory freezer trawler Rehua. (Photo Credit: teara.govt.nz)

Aotearoa profits from Sealord investment

Auckland-based Aotearoa Fisheries Limited has reported a consolidated profit of NZD 21.9 million (USD 17.1 million) for the year ended 30 September 2014, after its major investment, Sealord Group Limited, achieved positive results.

Sealord, which it jointly owns with Japan's Nippon Suisan Kaisha, contributed NZD 12.7 million (USD 9.9 million) this year after recording a loss of NZD 6 million (USD 4.6 million) last year.

“Aotearoa Fisheries has performed well this year, across all divisions and as a group, and has achieved the targets we set ourselves for people’s safety, their development, completion of projects and profit against plan,” pointed out the firm’s chairman, Whaimutu Dewes.

With the return to profit, the Aotearoa Fisheries Board of Directors have declared a dividend of NZD 8.8 million (USD 6.9 million) for the year ended 30 September 2014.

For his part, the firm's CEO Carl Carrington stressed: “Aotearoa Fisheries own divisions were ahead of target which is pleasing under difficult operating conditions like the exchange rate and soft demand for pāua in Asia.”

"This year our business will ramp up efforts in becoming a leader in sustainability which is wholly in line with our tikanga. There is no question that our long term future hinges on how well we perform in this area,” he added.

As part of its strategy to improve earnings, in October Sealord signed several quota pooling agreements with separate iwi collectives to share profits from the catching, processing and shelling of fish, adding up to 4,800 tonne of hoki, orange roughy, southern blue whiting and alfonsino to be caught on its vessels.

Aotearoa Fisheries is owned by all Māori people, through Iwi shareholders and manages commercial seafood assets of over NZD 530 million, including the AFL Inshore fishing businesses Moana Pacific and OPC Fish and Lobster, paua and ready-to-eat meals exporter Prepared Foods, leading oyster producers Kia Ora Seafoods and Pacific Marine Farms and 50 per cent of Sealord Group Limited.

Related article:

- Sealord and Iwi settle collaboration deals
 

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