10 Aug 2013

Sanford downgrades profit guidance

9:17 am on 10 August 2013

Fishing company Sanford has downgraded its profit guidance.

When it reported the $14.1 million profit it made in the first half, Sanford said it expected second-half profitability would be about the same.

However, its net profit for the year ending September was likely to be $23 million - $25 million because catches in two important fisheries were down and Greenshell mussel production was lower than planned, the company said.

The forecast result would still be higher than the previous year's $21 million net profit.