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

Sealord posts first loss in 10 years as IT project tips it into red
Choppy waters for the seafood company. (Image: Sealord)
Paul McBeth
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...

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