Regal lift for year

Press, 1 December 1988, Page 26

Regal lift for year

Regal Salmon yesterday reported an audited taxpaid profit of $462,000 for the year ended September 30. It was after extraordinaries of $lB,OOO, minorities of $168,000, and a tax credit of $5OOO. The pretax profit of $643,000 compares with $15,000 the previous year. The profit substantially exceeds the 1986 prospectus projections of $40,000. The managing director, Mr Terry Shagin, said that the directors were pleased with this result which was achieved in spite of the difficult conditions for exporters because of the overvalued New Zealand dollar. “Harvesting for this year began at the Marlborough Sounds farm in September and when it finishes in mid-December, harvesting will commence at Regal’s Stewart Island sea cage farm. Production of salmon for the current financial year will exceed last year’s by 220 per cent with the increase to a planned production level of 327 tonnes. “The extraordinary loss occurred from losses on sale of shares. Regal Salmon does not now or at balance date own any shares in any publicly listed company. In line with prospectus forecasts, no dividend is recommended for this year.