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- Release Date: 26/10/12 18:25
- Summary: FORECAST: SAN: Sanford Limited - Continuous Disclosure - Revised
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SAN
26/10/2012 16:25
FORECAST
REL: 1625 HRS Sanford Limited
FORECAST: SAN: Sanford Limited - Continuous Disclosure - Revised
SANFORD LIMITED
SUSTAINABLE SEAFOOD
26 October 2012
Continuous Disclosure Notice
Preliminary Indication - Results for year ended 30 September 2012
Sanford Limited advises based on preliminary accounts the tax paid profit for
the year is likely to be between $20-21m compared to the last year's result
of $22.3m.
Revenue is approximately 1% behind last year with the continuing high level
of the New Zealand dollar impacting across all of our export species. Markets
for pelagic species such as jack and blue mackerel and skipjack tuna have
been strong but salmon pricing has been significantly weaker impacted by
increased volumes out of Chile and Norway. Prices for other species have been
relatively stable.
The most significant impact on the results for the year has been the
estimated $10m reduction in contribution from the Pacific Tuna division. The
effects include lost fishing time opportunity and repair costs in respect to
the San Nikunau and the Ocean Breeze and legal costs and accrued potential
fine costs in respect to the prosecution of the San Nikunau which is subject
to a sentencing hearing in Washington DC on 11 January 2013.
Profitability from our greenshell mussel business in the South Island has
been up to expectations but in the North Island slow growth in Coromandel and
the changes in ownership of the processing business in Tauranga impacted
returns in this area.
Sanford advises that full details of the final result for the year ended 30
September 2012 will be announced late afternoon on Wednesday, 28 November
2012.
Eric Barratt
Managing Director
Phone: +64 21 325 209
End CA:00228934 For:SAN Type:FORECAST Time:2012-10-26 16:25:48
