Sanford's H1 profit rises by 5.5pc

NEW ZEALAND
Friday, May 24, 2013, 23:30 (GMT + 9)

Sanford has for the first time achieved year-round harvesting of salmon, which is helping boost volumes of salmon sold in the domestic market. And the firm expects that this together with a higher salmon production for other markets reduce our dependence on the Japanese market, which is price sensitive. Meanwhile, the company reported a 5.5 per cent gain in profit from NZD 13.3 million (USD 10.7 million) last year to NZD 14.1 million (USD 11.4 million) for the six months ended 31 March 2013. Revenue jumped by 6.2 per cent to NZD 244.6 million (USD 197.6 million) while EBITDA dropped by 8.2 per cent from NZD 29.9 million (USD 24.2 million) to NZD 27.4 million (USD 22.1 million), due to lower margins from the high level of the NZ dollar. The firm’s greenshell mussel revenue was equivalent to last year, though volumes fell with slower growth rates in the Marlborou... FULL STORY