Moana NZ boosts first-half profit 28% on Sealord earnings, iwi lobster joint venture

Mon, 12 Jun 2017

By Paul McBeth June 13 (BusinessDesk) - Moana New Zealand boosted first-half profit 28 percent, even as revenue shrank by about a quarter, as the iwi-owned fishing group reaped gains from its half-stake in Sealord Group and its lobster joint venture with Port Nicholson Fisheries. Net profit rose to $9.9 million in the six months ended March 31 from $7.7 million a year earlier, the Auckland-based company said in a statement. Revenue dropped 23 percent to $76.7 million, however the bottom line was bolstered by a fattening of gross margin t...

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