Sanford up in first half

Press, 12 May 1987, Page 53

Sanford up in first half

PA Wellington Sanford, Ltd, the fish merchant and exporter, increased its group net profit 50.1 per cent to $4,977,000 in the six months to February 28, the directors said yesterday. The strong rise in profit was largely because of higher export income •from favourable exchange rates until the end of December, and a fall in the deep water fish stock at the beginning of the period, they said in a statement to the Stock Exchange. Results for the second half depended on Sanford catching its full quota of fish, overseas market re-

maining firm, and the movement of the kiwi dollar in relation to the United States dollar. Provided those factors stayed reasonably favourable the directors said they expected the final profit to be higher than the 1986 profit (SB.BM). A steady interim divident of 5c a share is payable on June 10. Shareholders can choose to receive bonus shares instead of the dividend, Sanford said.

Turnover was up 32.5 per cent to $50,114,000, yielding a pre-tax profit of 71.7 per cent ahead at $7,952,000. The profit was after providing $1,654,000 more for tax at $2,975,000 ($1,321,900).