Latest / Best of Business / Carl Carrington: NZ King Salmon CEO on the company reporting a $13.8 million net profit for the first half of the year

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Carl Carrington: NZ King Salmon CEO on the company reporting a $13.8 million net profit for the first half of the year · Best of Business

• 0:09
  Speaker 1: You're listening to a podcast from news Talk zed Be
• 0:12
  Speaker 1: follow this and our wide range of podcasts now on iHeartRadio.
• 0:16
  Speaker 2: A bit of a look into our aquaculture industry in
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  Speaker 2: New Zealand. King Salmon came in with a thirteen point
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  Speaker 2: eight million dollar net profit for the half. Costs are
• 0:23
  Speaker 2: better in the US terror story apparently isn't as bad
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  Speaker 2: as we thought. Carl Carrington is the New Zealand King
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  Speaker 2: Salmon CEO and as with US, Carl morning.
• 0:31
  Speaker 3: Good morning Mike.
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  Speaker 2: From a loss to a profit, that's quite the turnaround story.
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  Speaker 2: How do you do it well?
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  Speaker 3: It all starts with Fisher performance, Mike. If the Fisher happy,
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  Speaker 3: then everything else flows really really well after that. And
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  Speaker 3: we had a very good summer performance and that's just
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  Speaker 3: set up the set up the rest of the business
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  Speaker 3: to deliver a strong result.
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  Speaker 2: Good in your guidance as bullish, So you're happy going forward?
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  Speaker 3: You think very happy. Fisher continuing to perform very well,
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  Speaker 3: markets are strong and robust, and we're managing to weather
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  Speaker 3: the turbulence of the Middle turmoil very very well. So
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  Speaker 3: we're confident moving forward.
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  Speaker 2: Let me quote you, driven by an improved cost of
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  Speaker 2: fish reduction and mortality expense, processing efficiencies driven by good
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  Speaker 2: quality fish. So that's what you're telling the world. How
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  Speaker 2: much of that is within your control.
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  Speaker 3: Yeah, that's a great question. Look, it was a tough
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  Speaker 3: summer out there on the on the water. If we
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  Speaker 3: look at the average temperatures over the past ten years,
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  Speaker 3: this was well above average. Now, to be fair, we
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  Speaker 3: didn't have the benefit of Southerly's coming through with the
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  Speaker 3: reasonable frequency, which knocked the spikes off some of those
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  Speaker 3: temperature peaks. But nevertheless, it was a tough summer. But
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  Speaker 3: you know, there's been a lot of work done by
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  Speaker 3: very smart people working out what are the issues we're
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  Speaker 3: trying to tackle, then working out how we're going to tackle,
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  Speaker 3: making the investments, and then letting those investments play through.
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  Speaker 3: And we said last November that management was getting increasingly
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  Speaker 3: confident that we were getting on top of the summer challenges.
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  Speaker 3: So this was no fluke. There was a lot of
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  Speaker 3: work that all came together over this summer that resulted
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  Speaker 3: in just fantastic fish performance. And we know what we've
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  Speaker 3: got in the pipeline coming for next year as well.
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  Speaker 3: We've got some new innovations, We've got a brand new
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  Speaker 3: well boat, which is the first time one of these
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  Speaker 3: vessels has ever operated in New Zealand. Arrived in April, commissioning,
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  Speaker 3: operationalizing this week. That'll be in play for next summer
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  Speaker 3: and that's the biggest transformation in the salmon industry in
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  Speaker 3: New Zealand in thirty odd years.
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  Speaker 2: Good good, We got the quality story when we talked
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  Speaker 2: about the tariffs and stuff we do you sell through?
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  Speaker 2: I mean, does the New Zealand brand and the quality
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  Speaker 2: of what you're doing sell through a problem like a tariff?
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  Speaker 3: Yeah? Absolutely. Look, we're very fortunate. We've got an incredibly
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  Speaker 3: strong brand globally called Aura King and we've not noticed
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  Speaker 3: any impact of tariff's in the US. Now. To be fair,
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  Speaker 3: customers don't enjoy wearing the tariffs, but the market that
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  Speaker 3: we're selling to, it's very high end. They've probably got
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  Speaker 3: a little bit more discretionary spending power, so they've been
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  Speaker 3: able to absorb those tariffs and we haven't seen any
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  Speaker 3: fall off in demand for our products in the US.
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  Speaker 2: Fantastic Carl, good story. I love it. Cayl Carrington, who's
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  Speaker 2: the boss at New Zealand King Salmon. See, I tell you,
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  Speaker 2: if you make it good, people will pay the price.
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