Aotearoa Fisheries releases interim report
Leading Maori fishing company Aotearoa Fisheries Limited (AFL) has reported an unaudited net surplus of $15 million for the first six months of the 2005/06 financial year.
Sales revenue was up almost $13 million for the half year to $47.3 million.
Chief Executive Robin Hapi said that AFL advised shareholders in the annual report last year that the company expected to make a planned net surplus of $14.9 million for this financial year. “After our first six months, we are already ahead of that full-year target and significantly ahead of last year's result.”
Mr Hapi said an improved result from AFL's inshore and aquaculture businesses and a greater contribution from the company's Sealord investment were the main reasons for the improved earnings. These improvements have been made, however, in an environment of high exchange and interest rates as well as pressure on operating costs, including significant increases in energy costs.
He added that the better performance from inshore – wetfish, eels and lobster – was encouraging.
“Earlier changes to our management structures and business model are starting to show real benefits,” Mr Hapi said. “The Moana Pacific Fisheries business transferred to AFL was a perennial loss maker. While we are still in the early stages of turning that business around, we are pleased that this year it made a small net surplus of $1 million.”
AFL's aquaculture business is performing strongly with sales volumes ahead of those predicted, particularly in Japan and the United States. Abalone continues to perform strongly despite Hong Kong and Chinese sales lighter than expected.
The AFL half-year report can be read online at: http://afl.maori.nz/panui/publications.htm
A copy of the report has been sent to iwi offices.
If you have any news or events coming up that you'd like covered
in an issue of Te Tai Pari, drop us an email at
Tiakina ngā rawa hi ika, a tātou kaimoana mo ngā uri whakaheke
Protecting Māori fisheries assets for future generations