Sea Harvest's earnings rise, but operations take hit

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Fishing group Sea Harvest said on Monday strong demand for its products helped offset erratic weather, lower quotas and loadshedding in its half-year to end-June, when accounting effects helped it improve its profits.

Fishing group Sea Harvest said on Monday that strong demand for its products helped offset erratic weather, lower quotas and load shedding in its half-year to end-June.

Valued at about R3 billion on the JSE, Sea Harvest employs about 5 200 people, operating some 57 vessels and 11 operational facilities in SA, Australia and Namibia. Along with fishing, the company owns two dairy operations in Ladismith and Bonnievale in the Western Cape, producing a variety of cheese, butter and powder products.NewsletterA deep dive into the big business story of the week, as well as expert analysis of markets and trends.

In Cape Harvest Foods, which includes its dairy interests, revenue rose 9% to R1.05 billion, but operating profit slumped 48% to R29 million, with the company adding that price increases to recapture rising input costs also hit volumes.

 

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