NZ Marine incurs loss in 9 months

Press, 1 February 1986, Page 21

NZ Marine incurs loss in 9 months

PA Wellington New Zealand Marine Farms, Ltd, incurred a loss of $793,000 in the company’s first nine months of trading to September 30, the company announced yesterday. The result counts as a final, as the company has changed its balance date. The chairman, Sir Ronald Scott, in a statement to the Stock Exchange, said the loss was in line with original projections. It included the writing off amortisation over an eight-year period of all rights and licences 'relating to the fish farming activities. ! "

The extraordinary item of $97,000 referred to the writing off of preliminary

expenses during a fiveyear period. The trading loss for the year to September 30, 1986, was expected to be similar to the first year’s result.

The company expected to be trading profitably in the third year, he said. Negotiations were proceeding for further funding to continue development and to finance the existing trading through to the period when there would be a positive cashflow from the sea-pen salmon farms. “The directors considered that operations at all its farms, including both of the salmon sea-pen farms in the Marlborough Soimds, had progressed > satisfactorily,” Sir Ronald said.