Fishing company Sanford's half year report yesterday showed a drop in profits and continued losses from its foreign exchange policies.
Turnover increased 10.2 per cent to just over $183 million, but profit dropped to $11.8 million. Last year's profit of $12.1 million was inflated by asset sales of almost $4million.
The company's foreign exchange policies, which came under fire during the last annual general meeting, lost $11.5 million, compared with $15.9 million the previous year.
The report said foreign exchange losses were expected to lessen through the second half of the year and would show a profit next year.
Sanford said increased sales of skipjack tuna and orange roughy offset declines in hoki, ling, mussels and salmon.
A dividend of 8c a share would be paid to shareholders next month.
The company also said yesterday it had acquired a "strategic" 9.4 per cent stake in Canadian seafood company High Liner Foods.
Sanford said the holding in High Liner - which produces, processes and markets fresh fish and frozen seafood products - would help it secure preferential access to distribution channels in key export markets.
* Farming and rural services firm Allied Farmers has produced a net profit of $1.85 million for the six months to December 31.
Revenue fell 3 per cent on the previous year at $63 million.
Fifty per cent of the tax paid profit had been allocated towards a fully imputed interim dividend of 7c a share, the company said.
Allied, which will list in May, has farming activities in Taranaki, Waikato the King Country and Manawatu.
The 89-year-old company has a range of business activities including livestock trading, real estate, rural merchandise and equipment finance.
Chairman Brian Train said the first half had produced higher returns in all core divisions - merchandise, livestock and real estate. Costs had been contained and its Farmers Wool business had traded in line with the same period last year.
