Following a weak performance in 2018, New Zealand seafood giant Sealord made a strong recovery with what Sealord CEO Steve Yung describes as a "stellar year" with record profits for Petuna Aquaculture, the group's Tasmanian salmon joint venture.

Sealord saw a considerable increase in net profit of 33 percent to NZD 32.2 million ($21.2 million/€19 million), thanks to a strong year for pricing in the company's export and domestic markets.

Revenues also increased by 5 percent to NZD 359.8 million ($237 million/€212.9 million).

The company reported that a focus was put on developing and optimizing operations at the hatchery, sea farms and factories, leading to strong fish growth and low mortalities as well as high-quality seafood products.

Sealord's investment towards a new fishing vessel, which was delivered mid-2018, is reportedly paying off as fishing results in 2019 showed steady improvement.

At 81.75 meters long and 4,706 in gross tonnage, Tokatu is the largest fishing vessel in New Zealand.

Built for Sealord by Simek shipyard in Flekkefjord, Norway, in an extensive 16-month build project, the purpose-built vessel cost NZD 70 million ($48.3 million/€41 million).

Fisheries

Sealord posts 'stellar' year; farmed salmon JV, new vessel pay off