Half-Year Report for AFL

Aotearoa Fisheries Limited has released its Half Year Report to the end of March 2005. CEO Robin Hapi said AFL had an unaudited net profit after tax of $7.9 million for the four months ending 31 March 2005. This profit is realised from sales revenue of $34.5 million and its share of earnings from the 50 percent investment in Sealord Group Ltd in Nelson.

View the Half Year Report from the AFL wesite.

AFL Chief Executive Robin Hapi said that the over-riding vision for AFL was the creation of shareholder wealth. “We strive to become the investment vehicle of choice for iwi in the seafood industry. We are undergoing a process that we believe over time will make AFL a stronger, more profitable business and the most desirable company through which iwi can pursue their commercial fisheries interests.”

AFL was incorporated on 26 November 2004 as part of the implementation programme under the Māori Fisheries Act 2004 that gave legislative effect to the Māori Commercial Fisheries Settlement allocation proposal. Under the allocation proposals, iwi organisations will receive shares in AFL and thousands of tonnes of fishing quota and will be looking to ensure they get the best return on their investments.

The first four-month period had been a challenging time for AFL because of the strong New Zealand dollar, the increasing value of quota and the need to integrate the diverse group of businesses that comprise AFL. Despite these challenges AFL is confident that a solid profit result for the full year would be achieved.

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