[27 December/ National Business Review]

Sealord’s holding company, Kura, has lodged its financial statements at the Companies Office showing a net profit of $18.5 million for the year to September 2017, having incurred a loss of $3.2 million on discontinued operations.  The financial statements indicate that the company has sold its UK processing business, Sealord Caistor, to its 50% shareholder Nippon Suisan Kaisha resulting in the company booking an impairment charge of $4.9 million.  At an operating level the company reported a 5.4% gain in earnings and paid dividends of $9.2 million to its shareholders.  The company said that its sale of Sealord Caistor is consistent with the group’s focus on operational performance, noting that the group now has a more sustainable margin structure.  The company also noted that construction of the group’s new $70 million purpose built trawler remains on track for delivery in May 2018 and it is expected to create 80 new positions.