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Moana New Zealand reports $9.9 million profit

Moana New Zealand, New Zealand’s largest Iwi-owned premium seafood company, is pleased to report a net profit of $9.9 million in the six-month period ending 31 March 2017. That is a 28 per cent ($2.1m) improvement on last year’s result for the same period.

Highlights of the first half of Moana New Zealand’s financial year came through its oyster division, Ready-to-Eat meals, solid performance from finfish and an improvement in Sealord’s profit contribution.

Moana New Zealand Chief Executive, Carl Carrington, is cautiously pleased with the increase in net profit result for the first half of the company’s financial year.

“Pacific oysters have been a strong performer for us over the last six months. Volumes have been strong and our ability to supply premium quality Pacific oysters all year round is increasingly recognised by our food service and retail customers,” he says.

Moana New Zealand has successfully completed the transition of the lobster business into the wider Iwi lobster Port Nicolson partnership. However, returns for the remainder of the year will be below previous expectations, as unusually high supply from other sources has impacted market pricing from February.

“We are also pleased to report that our Ready-to-Eat meal business has had a solid six months, with repeat orders to provide humanitarian aid through pouch meals. Sales volumes for the six months to 31 March 2017 have exceeded projections and the equivalent period last year,” says Mr Carrington.

During this period Sealord (which Moana New Zealand has a 50 per cent share in) also met its projections for profit, with a contribution of $2.2 million, compared to $1 million for the same period last year.

Mr Carrington says that with two-thirds of Sealord’s profit made in the last quarter of the year through a successful hoki season, it’s hard to forecast what the full year profit, and consequently the dividend, will be.

However, he believes that at this stage the profit for the full year will be in line with last year.

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