Sanford's annual net profit rose 4% to $20.4 million, meeting the company's guidance after two downgrades.
The fishing company's net profit for the 12 months to September compares with the $19.6 million result the previous year.
Managing director Eric Barratt says his company had a very difficult second half with three factors impacting on the results.
He says there was slow growth of mussels in the Marlborough Sounds which affected the company's processing and exports out of its Havelock and Christchurch operations.
Mr Barratt says there were also difficult tuna catching conditions in the Pacific and lower than expected jack mackerel catches in the Bay of Plenty.
Profit of $6.3 million in the second half was well below the $14 million Sanford earned in the first half.