Sanford first half up

Listed fishing company Sanford said yesterday its first-half profit had risen, reflecting higher prices for tuna and the sale of Argentinian assets.

Net income rose to $11.7 million in the six months ended March 31 from $11 million a year earlier, the Auckland-based company told the stock exchange. Sales fell 2 per cent to $184 million. Currency losses were $7.3 million compared with a gain of $7.2 million a year earlier. The losses might be reversed in the second half should the New Zealand dollar decline, Sanford said.