Mahuru 2008
Issue 15

  1. Te Ohu Kaimoana supports changes to Fisheries Act
  2. New online fisheries information
  3. Touch of the wing tip
  4. Taranaki iwi receive remainder of settlement assets
  5. The future is in our hands
  6. Crown reviews delivery of aquaculture settlement to Maori
  7. AFL increases ownership in abalone
  8. China opportunities explored
  9. Kahawai catches to be reviewed next year
  10. AFL moves to Auckland
  11. AFL reports good half-year profit
  12. Sealord vessel forfeiture unnecessary
  13. Te Ohu hopeful of Bluenose reduction
  14. Seals eating fish species, study shows
  15. Rock lobster negotiations fail as recreational fishers leave the table
  16. Aust aquaculture meeting attended by Maori

Other Issues >>

AFL reports good half-year profit

Aotearoa Fisheries Limited has reported a net profit of $17.8 million for the six months ending 31 March 2008.

This compares with a similar result of $17.9 million for the same period last year.

“This is an encouraging start to the year, particularly as we expect the second half to be significantly more challenging in our key New Zealand and Australian markets,” the directors said in the report.

The result included a net profit contribution of $10.7 million from the 50 percent shareholding in Sealord Group Limited, up from last year’s contribution by $700,000.

The AFL directors stated in the six month report, which has been distributed to iwi shareholders, that

AFL’s financial statements for the six months have been prepared under the New Zealand Generally Accepted Accounting Practice (NZ GAAP). The higher contribution from Sealord reflects the change in accounting standards.

AFL’s operating earnings have benefited from quota investments and consistent focus on reducing infrastructure and processing costs. “AFL has continued to build its business with high margin customers for fresh product in Australia and New Zealand and for live lobster and canned abalone in Asia,” the directors said.

Strong demand for its primary products and good pricing for wetfish and oysters in key markets were also beneficial to the company, with all divisions of AFL exceeding their targets for the first half of the year.

Directors were particularly pleased with the turn-around in the performance of the Aquaculture Division, which was severely impacted by harbour closures in the 2006/07 financial year. Additionally, the full integration of OPC Fish and Lobster and Kia Ora Seafoods into AFL has made a significant contribution to the Group’s operating performance.

AFL and Sealord have had the added advantage of access to increased volumes of Annual Catch Entitlement as a result of long-term ACE agreements entered into with 13 iwi during the 2006/07 financial year.

Directors, however, were bearish about the reduction of the North Island eel quota, which has had an adverse impact on the Group’s eel business. AFL is reviewing its future eel processing options.

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Tiakina ngā rawa hi ika, a tātou kaimoana mo ngā uri whakaheke
Protecting Māori fisheries assets for future generations