Sanford annual profit falls 6.7 percent on mussel farm restructuring; US law suit take toll

Wed, 28 Nov 2012

By Paul McBeth Nov. 28 (BusinessDesk) - Sanford, the country's second-biggest fishing company by sales, fell 6.7 percent after it took charges on restructuring its Coromandel mussel farm and legal fees for its unsuccessful defence of claims it dumped waste oil off American Samoa. Net profit fell to $20.9 million, or 22.3 cents per share, in the 12 months ended Sept. 30, from $22.3 million, or 23.8 cents, a year earlier, the Auckland-based company said in a statement. That included a $2.6 million writedown on its North Island Mussel Processor...

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