Australian unit boosts Sea Harvest interim revenue
Recently listed fishing group Sea Harvest, which is controlled by empowerment group Brimstone, enjoyed a flavoursome contribution from its Australian subsidiary Mareterram. Interim results released on Wednesday showed Australian Stock Exchange-listed Mareterram contributing a chunky R227m to Sea Harvest’s revenue in the six months ending June. The strong performance by Mareterram, which specialises in prawns but also holds a seafood marketing arm, was driven by volume growth and favourable pricing. Sea Harvest CEO Felix Ratheb expected revenue from Mareterram in the second half of the financial year to be higher due to the seasonal nature of the business. A divisional breakdown showed Mareterram managed operating profits of R11.6m. In the year to December 2016, the company reported almost R26m in operating profits. Sea Harvest, which is a large exporter of hake, disclosed that its international revenue mix had climbed to 61% in the interim period compared with 54% in 2016. The core ...
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