Austral Fisheries profits down

Austral Fisheries has posted a $12.64 million profit for 2020 - more than 40 per cent down on its 2019 result - but still paid out almost $10.6 million in dividends to shareholders.

The integrated commercial fishing company, which was founded in 1981 and is jointly owned by Kailis Fisheries Holdings and Maruha Nichiro Corporation, reported revenue of $144.8 million, down from $150.9 million in 2019.

It paid $10.61 million in dividends to shareholders in 2019.

In its annual filing with the Australian Securities and Investments Commission, the company said COVID had affected its performance.

"At the date of this report the impact specifically on the company's operations has been primarily on national and international markets for the company's catch and logistical challenges in manning vessels," the company said.

Austral reported total assets of almost $171 million and liabilities of $15.6 million.

Soon after the pandemic hit last March, Austral chief executive David Carter made the tough decision to send the company's banana prawn and toothfish fleets out to sea.

At the time, he was concerned about exposing his crews to the virus, but also whether the company would be able to sell its catch when the fleet returned.

The market for toothfish was affected by the closure of hotels and restaurants, but retail sales ensured the product did not go to waste.