Sanford, which holds 23% of the country's fishery quota, has had a tough year but eked out a 10% gain in booking a $22.3 million profit.
A decline in some fish prices and catch rates compounded to see a revenue decline from $462.6 million to $452.4 million and earnings before interest, tax, depreciation and amortisation declined from $49.2 million to $46.6 million in its full-year trading to September.
Forsyth Barr broker Andrew Rooney said it was an ''underwhelming'' operating result, because of commodity-price weakness and challenging catch conditions across some key species.
Craigs Investment Partners broker Peter McIntyre said Sanford would be happy with the result, and noted its profit was underpinned by foreign currency gains, which rose from $10.3 million a year ago to $13.1 million.
''There's a lot of variables to their business. This has been a middle-of-the-road result for Sanford,'' he said.
Sanford shares were up slightly at $5.27 yesterday.
Sanford chairman Jeff Todd said while profit was behind the level planned - but ahead of last year - it was achieved from prudent foreign exchange management and successful deep-water fishing and aquaculture performance.
''Although we have not met our financial targets this year, the Sanford balance sheet remains strong and we are well positioned for growth.''
He noted aquaculture had a ''very successful year'' with strong mussel demand, improving harvest levels and increased sales.
However, Sanford's fishing business performed below expectation, affected by low commodity prices and weather and operational factors reducing catch levels, particularly in the inshore and Pacific tuna businesses.
Mr Rooney said low prices for key species, including skipjack mackerel and some inshore species, weighed on Sanford's operating result, while its tuna fleet was becoming less core to business operations.
''The high-cost nature of the Pacific tuna fleet, coupled with low catch rates and low prices, made for the most challenging year since inception for the division,'' he said.
Investors had to recognise Sanford's ''turnaround story'' would not occur in the next 12 months, but he was backing management to make a difference over the longer term.
The currency backdrop had already started to improve and with about 80% of sales offshore, Mr Rooney expected a profit increase to an estimated $27 million next year.
