[25 August/Stuff: Business Day]

New Zealand King Salmon has posted a stronger than forecast final profit of $22 million on the back of a 38% increase in sales to North American restaurants. The company supplies Ora King Salmon to around 800 restaurants in the US (accounting for about 25% of sales), while around 50% of sales are made in New Zealand. The company is retaining a large proportion of the profit to reinvest in future growth, which CEO Grant Rosewarne said would include the development of three new salmon farms in the Marlborough Sounds. The company is waiting for government approval to relocate six of its existing Marlborough Sounds farms to high current flow areas, although Mr Rosewarne noted that any ministerial decision is likely to be after the election. He said the company could see production fall if the relocation is refused. While the reported results are impacted by inventory revaluations, Mr Rosewarne said the key metrics that shareholders should focus on were the 18% increase in revenue and the 35% increase in earnings before tax and other items; adding these metrics showed value leading volume.