NZ King Salmon Has Returned To Profit After A “Challenging” Year As It Reduced The Size Of Its Salmon Farming Business After Warmer Water Killed Its Fish

NZ King Salmon has returned to profit after a “challenging” year as it reduced the size of its salmon farming business after warmer water killed its fish. Last year the Nelson based aqua culture company dumped close to 1300 tonnes of fish in landfill due to warming waters in Pelorus Sound which reduced its annual harvest volume by 19% to 6014 tonnes. NZ King Salmon has been importing Atlantic salmon, which it sells under its Regal Epicurean brand to ensure there is enough supply in its New Zealand domestic market. The company has reported a profit of $1.9 million in the year to the end of January – a turnaround from a record loss of $73m the year earlier. Chief financial officer Ben Rodgers says the smaller business has meant a 20% reduction in staff numbers, from 570 to 436 staff and now has some vacancies. NZ King Salmon is betting its future growth on a planned expansion into the cooler open ocean by developing the country’s first open ocean finfish site in Cook Strait, a project it calls Blue Endeavour.