Sealord posts $29m full year profit

Sealord’s full year profit has fallen slightly due to one-off costs.

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The seafood company’s profit for the year ended September was $29.3 million, compared with about $32m last year.

However, excluding the cost associated with purchasing a Tasmanian salmon farm, its net profit was was up 6 percent on last year to $34m.

Sales rose by 11 percent over the year and were just shy of $400m.

The company’s chief executive Doug Paulin said it had benefitted from high sales of frozen and canned fish because more people ate at home due to Covid-19.

“We nimbly responded to the various challenges that came our way during the pandemic with increased collaboration across the business.”

He said most of Covid related challenges, such as the difficulty in getting goods overseas, were contained to the final quarter.

The company did not receive any money from the wage subsidy scheme nor did it lay off any staff as a result of the pandemic.

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