Sanford has reported a 17 percent drop in first-half profit, driven by lower prices for pelagic species such as skipjack tuna and blue mackerel.
Net profit was AUD 11.7 million (USD 10.8 million, EUR 7.9 million) down from AUD 14.1 million (USD 13 million, EUR 9.6 million) during the same time period a year earlier. Sales fell 9.6 percent to AUD 221.1 million (USD 204 million, EUR 150 million).
The company said commodity price trends varied greatly, depending on species, with pelagics, especially skipjack tuna, bring significantly down on the previous year. The firm’s aquaculture development division improved on the back of attractive pricing for Greenshell mussels and king salmon.
“Despite higher catches compared to the same period last year, revenue for the six months was significantly down due to tuna prices in the Bangkok market almost halving,” the company said.
“The major export markets for our main species have either been buoyant or remained firm for the first six months. The only significant exceptions have been the skipjack commodity market which has suffered from short term oversupply, and the blue mackerel market which has experienced a significant reduction in demand. The domestic market has performed well, particularly for quality fresh fish.”
