Sealord's return to profit puts Aotearoa Fisheries back in black in FY 2014
SEAFOODNEWS.COM [Scoop.co.nz] By Paul McBeth - December 12, 2014 -
Aotearoa Fisheries, which manages more than $530 million of fisheries assets for its iwi shareholders, returned to profit in the 2014 financial year after its major investment, Sealord group, was back in black after exiting its unprofitable South American business.
The Auckland-based company reported a profit of $21.9 million in the 12 months ended Sept. 30, turning around a loss of $6 million a year earlier, it said in a statement. That was largely due to a $12.7 million contribution from Sealord, which Aotearoa Fisheries jointly owns with Japan's Nippon Suisan Kaisha. Sealord posted a loss of $44.3 million in 2013, reflecting a $46.9 million loss on the sale of its Argentine business.
In October, Sealord signed several quota pooling agreements with separate iwi collectives to share profits from the catching, processing and shelling of fish, adding up to 4,800 tonnes of hoki, orange roughy, southern blue whiting and alfonsino to be caught on its vessels.
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