The Paspaley family’s business empire, historically built on pearling, has reported a sharp decline in profits as it pivots toward hotels and luxury cruising.
According to The Australian Financial Review, new filings show Pearl Corporation of Australia profits halved to $13.5 million in the year to June 30, down from $27.8 million, while revenues dipped slightly to $316.7 million.
Hospitality now contributes $55 million, helping offset the slump in pearling revenue.
The family, estimated by the Financial Review Rich List to be worth $1.52 billion, has expanded into luxury hotels and launched a yacht cruise venture with the 53-metre Paspaley Pearl off the Kimberley coast. Other assets include property, aviation, and the Bunnamagoo Estate winery.
The pearling business remains a world-leading producer of south sea pearls, supplying global jewellers, though the Paspaley Pearling Company recorded a $7.8 million loss in the same period.
The empire employs around 1,300 staff, paid an $8 million dividend, and holds $70 million in cash, while pledging $596 million in assets across family businesses.
The Paspaleys, who began in 1919 in the Pilbara, continue to expand globally while balancing traditional pearling with hospitality and luxury ventures.
Source: AFR.
