[6 June/NBR]

New Zealand King Salmon just went through its worst summer, but still expected to reach the top end of its profit guidance. Chief Executive, Grant Rosewarne, said even though they had their most difficult farming year ever, the company was still headed towards a record financial result. He noted it was a chance for investors to see how they have coped with difficult circumstances. Mr Rosewarne said its EBIT would be at the top end, or even beat its previous guidance of $24.5 to $26 million. The company had been fine-tuning its production and selling more under its brands. It was continuing discussions with the government around relocating some of its existing salmon farms in the Marlborough Sounds into cooler, deeper waters that would mitigate the impact of such a warm summer. They intend to spend on a three-year capital investment phase during which the company planned to keep its dividend ratio at 50% of net profit.