Sanford says FY profit missed forecast range because of impairment on Australian quota

Wed, 23 Oct 2013

Oct. 23 (BusinessDesk) - Sanford, New Zealand’s largest listed fishing company, said its full-year profit was below forecast because of an impairment on the value of Australian quota. Profit in the year ended Sept. 30 was about $20 million, the Auckland-based company said in a one-sentence statement to the NZX. That’s below the $23 million to $25 million forecast it gave in August, which was itself a downgrade on guidance it gave earlier in the year. “The Directors have resolved to provide for impairment of its Australian quota of $3 million...

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