18 May 2007

Sanford looking at disappointing first quarter results

From the New Zealand Herald:
Fish exporter Sanford warned of a disappointing first half result, after a high New Zealand dollar ate into profit and weaker United States markets dampened sales.

Revenue was down 2 per cent for the six months ended March 31, as disappointing sales in the second quarter reversed a 15 per cent rise in the first three months.

...
Profit would be boosted by a one-off gain of over $6m on the sale of Sanford's Argentine investment.

Proposals to sell the major assets in its 15-per cent owned Fishery Products in Canada were under consideration. If concluded, the sales could result in a one-off gain of about $20m, [Sanford managing director Eric] Barratt said.

-srbp-