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Maori owned fishing company posts 25% drop in profit (Radio NZ)
New Zealand’s largest Maori owned fishing company has posted a 25% drop in profit for the 2011-2012 year.
Auckland based Aotearoa Fisheries Limited, made a profit of $17 million compared with nearly $23 million in the previous year.
Chief executive Carl Carrington says despite the drop in profit the company performed to expectations.
He says a combination of the high value of the New Zealand dollar and a reduced profit from the Sealord Group in which it holds a 50% share, contributed to a lower income.
The company has declared a dividend of $6.8 million or $54 a share.
It has also announced a special taxable bonus share issue, totalling $141 million.
The issue will allow Aotearoa Fisheries to unlock $30 million of tax credits which can be turned into a cash benefit for its 57 iwi shareholders.
In addition to its half share in the Sealord Group which has assets of more than $750 million, Aotearoa Fisheries manages a variety of seafood assets, which include fishing, oysters, crayfish and paua, and are worth $500 million.