Aotearoa Fisheries oyster. (Photo Credit: Aquaculture New Zealand)
Aotearoa Fisheries achieves lower profits than expected
(NEW ZEALAND, 12/30/2015)
Iwi-owned fishing company Aotearoa Fisheries Limited achieved a good result throughout the financial year ended on 30 September 2015 despite a difficult operating environment for Sealord Group Limited.
The firm’s executives announced that profit after tax of NZD 16 million (USD 10.88 million) for the year and a dividend to iwi shareholders totalling NZD 6.4 million (USD 4.35 million), Scoop Business announced.
“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,” Te Ohu Kaimoana chief executive Peter Douglas pointed out.
“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,” Douglas said.
For his part, Aotearoa Fisheries CEO Carl Carrington explained 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,” Carrington added.
Meanwhile, Sealord Group Limited CEO Steve Yung explained the challenges faced throughout the year were due to a poor mussel harvest, 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,” Yung clarified.
Aotearoa Fisheries' other investments include inshore fishing businesses Moana Pacific and OPC Fish and Lobster, paua exporter Prepared Foods, and oyster producers Kia Ora Seafoods and Pacific Marine Farms.
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Information of the company:
Address:
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Moana Pacific House - Level 3, 138, Halsey Street
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City:
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Auckland
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State/ZIP:
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(1140)
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Country:
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New Zealand
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Phone:
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+64 9 302 1520
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Fax:
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+64 9 302 0872
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E-Mail:
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[email protected]
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More about:
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Approval / Accreditation / Certified / Oversight by...
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