Iwi shareholders to be granted record dividend from Moana New Zealand
2017-12-29 18:52:38   copyfrom:    hits:

Profits from lobster experienced a downturn for Moana NZ (Photo: Moana New Zealand)NEW ZEALANDFriday, December 15,

Profits from lobster experienced a downturn for Moana NZ. (Photo: Moana New Zealand)


Click on the flag for more information about New ZealandNEW ZEALAND 
Friday, December 15, 2017, 21:50 (GMT + 9)


Iwi-owned fishing company Moana New Zealand has informed improved returns from ready-to-eat products and aquaculture for the year ending September 30, 2017, which was offset by a weaker performance in fin fish and lobster.

The firm obtained an overall profit of NZD 19.27 million (USD 13.3 million) and so its 58 Iwi shareholders will receive their share of the NZD 9.7 million (USD 6.6 million) dividend.

Moana New Zealand Chief Executive, Carl Carrington, says he is pleased with the result, especially considering ongoing external challenges.

"Our strong profit was driven from growth of more than NZD 3 million (USD 2 million) than expected in the Ready-to-Eat side of the business," he says.

The company informed improvement of its aquaculture operations along with an upturn in sales of premium grades.

"That was balanced out by a downturn in profits from lobster and fin fish, which have been affected by a softening in pricing for these products in the Chinese market, and reductions in harvest" points out Carrington.

In addition, Sealord Group, of which it owns a half stake, obtained good results in operational performances both at sea and onshore processing.The hoki season produced strong operational and sales results. 

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