Aotearoa Fisheries hooks $16m net profit despite challenges

Aotearoa Fisheries hooks $16m net profit despite challenges


A poor crop of mussels
and old broken down fishing vessels has made for a challenging year,
but despite testing times, Aotearoa Fisheries has managed a $16 million dollar net profit
for the year after tax. Our reporter Peata Melbourne
has more. A difficult year for Sealord of which Aotearoa Fisheries manages
a 50% ownership. We haven’t had a big return
from the mussels. They didn’t thrive, and they didn’t
sell well as exports. Global white fish pricing
and vessel breakdowns also lead to a below expectation profit. Sometimes they come back
for repairs, so that affects the amount
of fish being caught – the volume of catch is small and
isn’t worthwhile for the company. Their fishing capacity restricted with vessels off the water reducing
both sales and profitability. Nonetheless, the company boasting
a $16 million net profit after tax. We want to raise their returns, but they are glad that iwi
have reaped some benefits. The company says since 2010, a total of $38.6 million
has been paid to iwi in dividends, but this year, there was
a mere $6.4 million in dividends. This year, iwi returns were low,
but at least they saw some returns. Aotearoa Fisheries say
they’re now is a sound position as 58 iwi organisations
ready themselves to take direct ownership
of the company. Peata Melbourne, Te Karere.

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