NZ's Sanford slides to 5-year low on FY profit slump
05/11/2020 24:38
** Shares of NZ-based seafood company Sanford Ltd SAN.NZ
slide 6.2% to NZ$5.010, hitting their lowest since Nov. 2015
** Co reports FY net profit after tax of NZ$22.4 million
($15.02 million), down 46% YoY urn:newsml:reuters.com:*:nNZSvnla
** Total revenue for period falls 14% to NZ$468.8 mln as
COVID-19 hits sales channels, primarily food service
** Says Q4 profitability was further impacted by poorer than
expected wildcatch performance in September and lower fair value
of salmon stock in water with expected future sales pricing
under pressure
** Adds that markets remain "challenging" and difficult to
predict at the moment
($1 = 1.4912 New Zealand dollars)
(Reporting by Shruti Sonal in Bengaluru)
((Shruti.Sonal@thomsonreuters.com; Twitter: @shrutisonal26))