29 Oct 2012

Sanford profit likely to be down on last year

7:01 am on 29 October 2012

Preliminary accounts for Sanford show its profit for this financial year will be more than $1 million below last year.

The fishing company says profit for the year ending 30 September is likely to be between $20 - $21 million, down from $22.3 million the previous year.

In August Sanford, was found guilty of illegally discharging polluted bilge water in American Samoa, and now faces total fines of up to $US3 million.

It says the costs of that case along with the high New Zealand dollar and weakening international demand for salmon are to blame for its lower profit.