1 Mar 2018

NZ King Salmon reports strong first-half profit

2:05 pm on 1 March 2018

New Zealand King Salmon has reported a strong first-half profit, reflecting increasing demand and margin growth in its New Zealand and North American markets.

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Photo: Supplied

The Marlborough-based fish farmer's first-half net profit rose 81 percent to $15.7 million in the six months ended December from $8.7m the year earlier.

Sales rose 38 percent to $87.7m from $63.6m, while operating costs were little changed from the year earlier at $11.6m.

However, the company warned that an unusually hot summer had impacted the survival rates of the king salmon, which was expected to impact sales in the second-half of the financial year and into the first half of the next.

"We'll report in more detail once the summer period is over as we did last year, including an update on our progress towards a long term solution to combat the risk of increasing sea temperatures," said managing director Grant Rosewarne.