According to the company, its results show the positive conditions in the domestic market and in the export markets

NZ King Salmon achieves positive first semester, helped by better prices

New Zealand King Salmon Investments Ltd had a positive financial performance for the six month period ended 31 December 2018, in line with guidance for FY19.

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The company announced sales revenue of NZD 87.7 million (USD 60.2 million) in the analysed period,  a similar value from the one registered in the previous year. This was the result increasing demand, improved pricing mix, export markets expansion and a favourable exchange rate.

The sales volume of 3,824 tonnes of gilled and gutted salmon, 13 percent lower compared to 4,387 tonnes in the same period in 2018, due to harvest seasonality and lower fish numbers carried forward from FY18.

The company´s statutory net profit after tax was NZD 15.1 million (USD 10.4 million), compared with NZD 15.7 million (USD 10.8 million) in the same period in 2018. Its pro formaoOperating EBITDA was of NZD 17.3 million (USD 11.9 million), compared with NZD 19.5 million (USD 13.4 million) in 2018.

“We are pleased to announce first half results in-line with our expectations. Strong branding and market growth have led to a successful six-month period and we expect FY19 financial performance on track with previous Guidance and building on our strong FY18 results,” said Chairman John Ryder.

“Overall, today’s results demonstrate the positive market conditions domestically and in export markets,” he added.

For his part, New Zealand King Salmon CEO Grant Rosewarne described the company’s response to environmental challenges as part of their commitment to a more sustainable and resilient operation.

“We believe that aquaculture can play a significant role in New Zealand’s contribution towards a more sustainable global food system. Specifically, we continue to work closely with central government to relocate several low-flow sites in the Marlborough Sounds for improved environmental, social and economic outcomes. We continue to pursue our initial investigations into open ocean farming,” he stressed.

Rosewarne also explained the company sees aquaculture as a global force for good in addressing these challenges. With that vision in mind, they joined the UN Global Compact’s Ocean Action Platform aiming to be stewards of the ocean and farm for the future.

The Board reaffirms previous guidance for the FY19 year for a Pro Forma Operating EBITDA result of NZD 25 -28.5 million (USD 17.1 – 19.6 million).

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Address:	31 Bullen Street
City:	Tahunanui
State/ZIP:	Nelson (NZ 7011)
Country:	New Zealand
Phone:	+64 3 548 5714
Fax:	+64 3 548 6993
E-Mail:	[email protected]
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