Seafood company Sanford continues to be plagued by COVID-19 challenges.
The company said trading conditions had not improved on the second half of the prior financial year, with weaker margins and higher costs.
Sanford's acting chief executive Andre Gargiulo said the ongoing effects of the pandemic were a significant challenge for seafood producers.
"Food service continues to be unpredictable globally, with restaurants and other food service businesses having been badly hit by ongoing lockdowns."
"Where possible, Sanford has made the switch to retail in fresh salmon and white fish and we are continuing to develop further opportunities to increase our retail footprint."
The company had reduced its inventory levels, but prices were on average 8 percent lower than a year ago. At the same time, supply chain and inventory holdings costs were up by a quarter on a year ago because of the congestion in freight routes.
Gargiulo said its lenders were supportive and the company still had sufficient access to debt.
"We are also continuing action on a programme of cost reduction and business improvement initiatives, enabling us to realise short term benefits and scale up our operations as markets improve."
The company had completed the sale of two properties in Christchurch and Tauranga for $24 million.