Sealord posts first loss in 10 years as IT project tips it into red

Choppy waters for the seafood company. (Image: Sealord)

Mon, 08 Jan 2024

Sealord reported its first loss in 10 years as the country’s soon-to-be biggest seafood company tallied the cost of an IT project on top of a weak fishing season. The Kura holding company reported a net loss of $4.1 million in the 12 months ended Sept 30, including a $1.9m tax benefit, compared to a profit of $6.7m a year earlier, which had been swelled by a $3.1m tax gain. Revenue shrank 3.2% to $447.3m, although Sealord eked out a fatter gross margin of 26.2% compared to 24.2% a year earlier. The bottom line was buffeted...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Already a Subscriber ? Sign in here.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

The Quiz Free

QuiznessDesk, Thursday, Sept 18

Think you're clever enough?

The Quizmaster 9:15am

Economy

Seeking a faster, sharper ComCom

A ‘gold standard’ approach and siloed structure slow the ComCom down.

Pattrick Smellie 5:00am

Politics

Jamie Beaton's aborted bid for Tāmaki

BusinessDesk understands Jamie Beaton had previously been exploring a run for the seat.

Dileepa Fonseka 5:00am

Sponsored

Future leaders start by Dreaming Big

How OnBeingBold empowers Year 13 girls at free leadership events.

OnBeingBold

Sponsored

Free AI training blitz targets 10,000 Kiwis

Workshops aim to close NZ’s AI skills gap and boost productivity – no tech skills required.

Sponsored by Lumify

More Primary Sector

Primary Sector

TTR seabed mining bid not affected by law change

No-go zones will not apply to controversial mining bid.

Ian Llewellyn 5:00am

Primary Sector

Govt to change offshore renewable regime

No-go zones for seabed mining proposed.

Ian Llewellyn 17 Sep 2025

Primary Sector

Global dairy prices fall

Global dairy prices fell slightly overnight, although the losses "were softer than those recorded at the previous auction". Tuesday night’s Global Dairy Trade auction saw the Price Index fall 0.8% despite 5.7% less product being sold and weaker bidding ratios. Only cheddar manage...

Staff reporters 17 Sep 2025

Primary Sector

Northland goat farmers secure lifeline in bank standoff

There were 51 farm debt mediations completed in the past 12 months.

Riley Kennedy and Garth Bray 15 Sep 2025

Sealord posts first loss in 10 years as IT project tips it into red

More Primary Sector

Your company has a subscription

Team