Kura, the parent of fishing company Sealord, reported an annual profit of $22.8 million for the year to June, down from $24.2m in the previous year.The annual report filed with the companies office shows revenue up to $584.9m from $556m the previous year.
Kura, the parent of fishing company Sealord, reported an annual profit of $22.8 million for the year to June, down from $24.2m in the previous year.
The annual report filed with the companies office shows revenue up to $584.9m from $556m the previous year. Cost of sales was up to $484.4m from $452.4m.
Kura is half owned by Aotearoa Fisheries and half by Nippon Suisan Kaisha of Japan. During 2009 the company paid dividends of $16m, with the budget for 2010 also $16m.
The report showed secured loans of $172.9m with a banking syndicate that expire on June 30, 2010.
Negotiations to renew the facilities were under way with the syndicate and it was anticipated the renewed facilities would be in place well before the end of June.
The group was reliant on the continued financial support of the banks to extend financing on the roll over date, the report said.
"To date the banks have not given any indication that they will call their debt or not extend their funding. The group has received offers for new bank facilities from the banks involved in the current syndicate."
All covenants had been complied with and it was expected that would be the case for the next 12 months.
During the financial year, Kura paid $18.5m for a further 33.3 percent share in Argentinian fishing business Yuken, taking Kura's shareholding in Yuken to 83.3 percent. In July it bought the remaining 16.7 percent of Yuken for $7.6m.
Also in July Kura sold its mussel farming consents and equipment in the Marlborough Sounds, which had a book value of $15.6m, to free up funds for future investment.
