Fishing company Sanford reported a 79.4% drop in interim profit but has maintained its interim dividend at 9c a share.The net profit after tax of $5.3 million in the six months to March 31 was down from $26.0 million last year.Earnings before interest, ta
Fishing company Sanford reported a 79.4% drop in interim profit but has maintained its interim dividend at 9c a share.
The net profit after tax of $5.3 million in the six months to March 31 was down from $26.0 million last year.
Earnings before interest, tax, depreciation and amortisation decreased to $10.3 million from $43.6 million last year. Foreign exchange gains totalled $7 million this period compared with $6.5 illionm last year.
The company said a 19% decrease in sales revenue reflected lower prices for some species, the impact of the higher exchange rate and lower volumes of some species.
"While sales volumes of particularly mussels, but also southern blue whiting, hake, squid and scampi increased, volumes of species such as skipjack and hoki were well down," the company said.
Price increases for species such as squid and toothfish were not able to offset substantial price reductions for mussels and skipjack tuna.
The dividend is payable on June 16.
"Despite the poor result for the first six months there are indications that we will see some reasonable recovery in the second six months," the company said.
Sign up to get the latest stories and insights delivered to your inbox – free, every day.
