A NZ King Salmon farm. Photo: Supplied to RNZ
Fish farming company NZ King Salmon's full year net profit is down 53 percent on the year earlier, hit by higher levels of fish deaths and lower growth rates.
The company's full year net profit of $13.4 million in the year ended January compared with $28.5m the year earlier, though revenue rose 13 percent to $211m.
Despite the lower net profit, chair Mark Dewdney said it was a strong financial performance, with underlying profit up 21 percent to $29.7m compared with $24.5m last year.
Carl Carrington Photo: Supplied / NZKS
"Our strong balance sheet gives us the confidence, and ability to invest in our future growth plans, which are anchored by our Blue Endeavour open ocean farm," Dewdney said, referring to the company's plan to transition its main farming operations to cooler waters.
Looking ahead, chief executive Carl Carrington said the company was investing to improve its financial performance.
"In terms of our market potential, consumer demand for King salmon remains high. We see major growth opportunities in key markets, such as North America, Australia and China. We are actively planning sales and market development to ensure the increased supply from Blue Endeavour meets growing demand.
"We are scheduled to have our Blue Endeavour fish at the Waihinau site in April, with these fish being transferred to the Blue Endeavour site in October, this represents another important milestone for the company."
King Salmon was forecasting an underlying profit of between $15m-$24m for the financial year ended 31 January 2026.
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