• Most Popular
  • Most Shared

NZ's Sanford half year profit triples on asset sale

Tue May 27, 2008 11:02pm EDT

Stocks

   

WELLINGTON, May 28 (Reuters) - New Zealand fishing company, Sanford Ltd (SAN.NZ), said on Wednesday first half net profit rose three-fold due to a one-off gain from an asset sale.

Net profit for the six months to March 31 was NZ$35.5 million ($27.8 million), compared with NZ$11.5 million the year before.

It declared an unchanged dividend of 9 cents a share.

Shares in Sanford last traded down eight cents or 1.8 percent at NZ$4.30, having traded between NZ$3.68 and NZ$4.61 in the past year.

On March 11 the company said it would make a NZ$26 million gain on the sale of its stake in Canada's FP Resources Ltd, which it intended to use to pay off debt.

Sanford said its returns from continuing operations were higher due to increased sales and better prices, and the outlook for the second half was positive although higher fuel prices might constrain gains. ($1=$1.27)



More from Reuters

Photo

U.S. health bill passes crucial Senate test

WASHINGTON (Reuters) - A broad healthcare overhaul passed its first crucial test in the U.S. Senate on Monday, with 60 Democrats voting to put President Barack Obama's top legislative priority on a path to passage by Christmas. | Video

» More Top News
A woman shops at a Sam's Club store, a division of Wal-Mart Stores, in Bentonville, Arkansas June 4, 2009. REUTERS/Jessica Rinaldi

The food-stamp economy

On the last day of every month, shoppers at Walmart load their carts with food and household items and wait for the midnight hour. Is this the new normal in America?  Full Article 

U.S.
Two men shake hands in a file photo. REUTERS/File

Let's make a deal

The battered M&A sector will make a tepid recovery in the coming year and three hot sectors will lead the way, according to a Thomson Reuters analysis.  Full Article 

Global Deals Review