13 Sep 2013

Maori fishing giant looking for new directors

6:31 am on 13 September 2013

The biggest Maori owned fishing company is seeking new directors.

Aotearoa Fisheries Limited says it needs people to steer the business through the waters ahead, after its profits dived.

Earlier this year AFL reported that its profits to the end of March had dropped to $7.2 million, compared to $17.3 million for the same period last year.

The drop is attributed to a loss-making venture in Argentina by Sealord, which is half owned by Aotearoa Fisheries.

In seeking new people for its board, AFL says the company has to deal with a raft of new regulations and legislation, such as impending legislation on the use of foreign charter vessels.

AFL is owned by iwi organisations, as well as Te Ohu Kaimoana - the Maori Fisheries Trust.