Australian salmon farmer nets profit in 2008

Tassal Group Ltd., Australia's largest salmon farming company, released its mid-year report yesterday.
 
Driven by growing demand for salmon in the domestic market, Tassal reported a net profit of USD 16.5 million (EUR 12.8 million) in 2008, a 94.8 percent increase over the previous year.
 
The company also credits its success to marketing efforts, cost-reduction initiatives and an accelerated capital investment program. However, these factors were partially offset by an increase in fish feed costs, a depreciating Australian dollar and reduced export pricing.
 
Since 1 January, however, feed prices have dropped, a trend that is expected to continue throughout 2009.
 
The company's sales increased by nearly 22 percent to USD 98.3 million (EUR 76.5 million). Revenue from salmon sales increased by 18 percent to just over USD 95 million (EUR 73.9 million). Domestic salmon sales increased to USD 90 million (EUR 70 million), up nearly 29 percent.

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