21 Apr 2011

Sanford issues profit upgrade

7:34 am on 21 April 2011

Listed fishing company Sanford is forecasting its net profit will more than double to about $13 million in the six months to March, due to higher prices and greater catches.

The exporter made $5.3 million in the same period a year earlier.

Revenue is expected to jump by 23% to $228 million, led mainly by higher prices for seafood, as well as higher volumes for skipjack, tuna, hoki and toothfish.

Excluding its recent purchase of Pacifica Seafoods, sales rose 17%.

Sanford's share price was unchanged on Wednesday at $5.65.