Report: Clean Seas to post $32 million loss

By

SeafoodSource staff

Published on
May 24, 2012

Clean Seas Tuna will post a loss of about AUD 32 million this year caused by write downs and sickness amongst its kingfish stocks.

The Port Lincoln company said yesterday gut enteritis in its kingfish stock, complicated by an unidentified secondary infection would contribute to losses in the order of AUD 14 million.

The company was expecting an underlying, before tax loss similar to the AUD 14.7 million loss reported last year.

In addition to this a writedown of historical intangible assets such as grow out licenses and leased marina infrastructure would add a further AUD 17.5 million to the net loss figure. 

The company said the losses would lead to a “material contraction in its workforce,” while not specifying how many workers would lose their jobs.

Click here to read the full story form Adelaide Now >

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