Sanford annual profit drops 38% after writing down and exiting unprofitable units

Wed, 18 Nov 2015

By Paul McBeth Nov. 18 (BusinessDesk) - Sanford reported a 38 percent drop in annual profit after New Zealand's largest listed fishing group wrote down the value of businesses and exited some struggling units. Net profit fell to $13.8 million, or 14.8 cents per share, in the 12 months ended Sept. 30, from $22.4 million, or 24 cents a year earlier, the Auckland-based company said in a statement. That included impairment charges of $13.3 million and $3 million of restructuring costs after Sanford wrote down a series of assets, some of which...

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