27 Nov 2008

Sanford doubles profit

8:27 am on 27 November 2008

Sanford reports a profit that is more than double the amount last year, due to high fish prices and asset sales.

The fishing company says profit was $53.3 million in the year to September, compared with $20.1 million the year before.

Looking ahead, the company says the fall in the New Zealand dollar, which should bolster earnings, needs to be weighed up against a fall in demand globally.

Sanford's managing director Eric Barratt says it's too early to predict how the seafood supply chain will be affected by the turbulent global economy, but the company hopes to benefit from a low exchange rate.