New Zealand commercial fishing and aquaculture giant, Sanford, today [Wednesday] reported a 1.9% drop in H1 profit to NZ$11.8m (US$5.2m) from NZ$12.1m, although the company stressed that there was an underlying improvement in profitability. Operating profit rose 2.3% to NZ$39.3m.
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Sales of farmed seafood, such as salmon, were lower because of a glut on the international market, however total sales rose 7.6% to NZ$183.7m and operating revenue was up more than 10% to NZ$183.1m, which Sanford attributed to increased sales of skipjack tuna and orange roughy.
The company said that it expects improved H2 results, based on improved catches, seasonal variations in natural fish stocks and increased demand.
Meanwhile, Sanford also revealed that it has recently acquired a 9.4% stake in Canadian seafood company High Liner Foods (HLF), which produces, processes, and markets fresh fish and frozen seafood products.
Sanford, which already controls a 14.3% stake in another Canadian seafood company, FPI Ltd, said that this “strategic” stake would give it increased market access for its exports: “The objective for Sanford is to enhance the value of its products by building and strengthening relationships with major international foodservice customers and to secure preferential access to distribution channels in key export markets.”
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