Toothfish bite Sanford’s profit

Thu, 05 Nov 2020

A disappointing catch of Patagonian toothfish added to Sanford’s pandemic woes, pulling net profit down 46 percent this year.The 100-year old company said net profit fell to $22.4 million in the year ended Sept. 30, from $41.7 million last year. Revenue fell 14 percent to $468.8 million.The reduced earnings largely reflected less seafood being consumed in restaurants due to social distancing. The final quarter was knocked further by a lower than expected Patagonian toothfish catch and falling value of the livestock in salmon farms. ...

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