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...

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