Clean Seas Tuna will cut jobs and put its Kingfish business up for sale because problems associated with sick fish have continued to hurt its bottom line.
Clean Seas Tuna suffered a full year loss of AUD 30.75 million in the year to 30 June 30 2012, a five percent improvement from the AUD 32.3 million loss posted in the same period last year.
Revenues dropped 39 percent to AUD 23.94 million.
The South Australian fish farmer said it was disappointed by the "unsustainable" results, despite its efforts to move on from last year.
It said health problems plaguing its Yellowtail Kingfish resulted in many fish dying and poor fish growth, leading to a AUD 17.7 million write down of the asset value of that business.
The fish have enteritis, an infection of the intestine causes symptoms including diarrhea.
The death of younger Southern Bluefin Tuna stocks due to colder temperatures had also hurt the company, it said.
As a result, Clean Seas said it has launched a review of its business and is looking for a joint venture partner or a partial buyer of its Kingfish operations.
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