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Sanford Rises Most in More Than Nine Years on Profit Recovery

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Oct. 20 (Bloomberg) -- Sanford Ltd., New Zealand’s largest publicly traded fishing company, had the biggest gain in more than nine years in Wellington trading after it said full-year profit exceeded analysts’s forecasts.

Net income totaled about NZ$25 million ($19 million) in the 12 months ended Sept. 30, the Auckland-based company said in a statement, citing provisional results. Profit fell from NZ$39.1 million a year earlier and exceeded the NZ$15.8 million average forecast of five analysts surveyed by Bloomberg. The stock gained 6.8 percent, the most since March 2001.

Sanford’s first-half profit plunged 79 percent as seafood prices fell and the strengthening New Zealand dollar reduced the value of export sales. Prices improved for many species and catch levels increased in the second half, it said today.

Second-half sales increased 14 percent from the year-earlier period and were NZ$420 million in the full year.

Second-half earnings before interest, tax, depreciation and amortization rose to NZ$38 million and were NZ$48 million for the full-year.

Sanford shares gained 28 cents to NZ$4.40 at the 5 p.m. market close in Wellington.

To contact the reporter on this story: Tracy Withers in Wellington at twithers@bloomberg.net.

To contact the editor responsible for this story: Iain Wilson iwilson2@bloomberg.net

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