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Bad Skipjack Catch Results Hit Sanford Profit

New Zealand’s largest listed fishing company, Sanford has had its profits hit by bad catch results in the Pacific skipjack tuna fishery. Combined with the high costs of operating its tuna vessels, the company has suffered disappointing profits that are likely to see them end the year at USD 20 million.

This figure will fall significantly below the USD 23 to 25 million forecast the Auckland based company projected in August. This forecast had already been downgraded from a prediction that Sanford had given earlier in the year on its expected profit figure of USD 28 million.

While the catching quota species in New Zealand is likely to meet expectations, failure to meet predictions in the Pacific skipjack tuna fishery combined with lower toothfish catch in the remote South Georgia fishing zone have outweighed this and significantly lowered profits.