December 09, 2016
Better Sealord result boosts Moana profit
Improved earnings from Sealord has helped iwi-owned fishing company Moana New Zealand to boost profits 22 percent to $19.4 million.
Chief executive Carl Carrington says all business divisions performed well with the exception of Blue Abalone.
The paua aquaculture venture was adversely affected by extremely high summer water temperatures.
However, it has become the first aquaculture business in New Zealand to achieve Aquaculture Stewardship Council certification, and consumer demand is improving.
During the year the company change its name from Aotearoa Fisheries to Moana, opened a new lobster processing plant in Auckland, and launched the Nelson-built Santy Maria, the first of a new generation of inshore fishing vessels.
Sealord chief executive Steve Yung says better catch volumes, better pricing and tighter control of overheads and administrative expenses contributed to the improved result.
Moana will pay iwi shareholders an $8.2 million dividend for the year ended 30 September, up from $6.4 million last year.
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