Sealord review after poor result

MICHAEL FIELD
Last updated 15:39 11/03/2014

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Nelson-based Sealord has called in international consultants in a bid to recover from its first loss in 20 years.

A Sealord spokeswoman said it had hired Deloitte to "assist us to review our [sales and operations] planning process".

Deloitte says on its website that in New Zealand it focuses on audit, tax, technology and systems, strategy and performance improvements, risk management, corporate finance, business recovery, forensics and accounting services.

The Sealord spokeswoman said reports in a fishing industry web service, Undercurrent News, about the Deloitte operation were incorrect, but Sealord would make no further comment.

The company is half-owned by Japan's Nippon Suisan Kaisha Ltd and, as a result of a Treaty of Waitangi settlement, by Aotearoa Fisheries Ltd (AFL).

Auckland-based AFL has reported that earning plunged $23 million while Sealord Group posted a $36.54m loss.

Sealord's board will face Maori shareholders at the AFL annual meeting this month.

Sealord's problems have come mostly as a result of a disastrous Argentinian fishing adventure.

AFL  said in January that Sealord had made a $44.4m loss on the sale of its Argentinian subsidiary, Yuken, last year.

Aotearoa is 71.44 per cent owned by Te Ohu Kai Moana Trustee Ltd, or the Maori Fishing Trust, a pan-iwi body.

Northland's Ngapuhi iwi owns 12.63 per cent, Gisborne's Ngati Porou 6.3 per cent, Hawke's Bay's Ngati Kahungunu 5.4 per cent, Tainui 4.89 per cent and the South Island's Ngai Tahu 4.77 per cent.

Other iwi hold smaller shares.

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- Fairfax Media

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