Bidvest profit hit by fishing woes Chamwe Kaira BIDVEST Namibia’s profit after tax for the year ended 30 June dropped to N$426 million from N$460 million, the company announced in financial results yesterday. The company attributed the lower fortunes to market challenges at the fishing division, its major profit contributor. Despite revenue increasing by 22,9% to N$3,4 billion (2012: N$2,7 billion), trading profit declined by seven percent to N$601,5 million (2012: N$646,6 million). Revenue and operating expenditure increased mainly as a result of the acquisition of the T&C distribution business, effective 01 December 2011, being included for the full year versus seven months in 2012. Bidfish’s operating profit declined compared to the previous year, the main reason being the significantly higher cost of purchases in horse mackerel quota, the company said. “Though volumes harvested fell, international prices firmed for both horse mackerel and pilchards, helping to cushion the impact of the Ministry’s lower direct quota allocation. Exchange rate weakness was also beneficial on the translation of our earnings on US dollar denominated fish catches,” the company said. “The pelagic operations performed well achieving sales at above expected market prices. The total pilchard TAC for 2013 was reduced to 25 000 metric tonnes from 31 000 metric tonnes, following unfavorable research results on the pilchard resource. The Angolan operations performed poorly, primarily due to poor fishing conditions and challenging share holder relationships,” the company said. - See more at: namibian.na/indexx.php?id=2867&page_type=story_detail&category_id=1#sthash.60svx4Sf.dpuf
Posted on: Mon, 26 Aug 2013 09:57:29 +0000
Trending Topics
Recently Viewed Topics
© 2015