Clean Seas Tuna Ltd. expects to post a second-half loss of AUD 2 million to 3 million, resulting in a loss of AUD 16 million to 17 million (USD 14.5 million to 15.5 million, EUR 11.1 million to 11.8 million) in fiscal 2010, the Australian fish-farming company announced in a statement to the Australian Stock Exchange on Tuesday. In the first half of fiscal 2010, it reported an AUD 14.2 million loss.
Clean Seas attributed its “disappointing” fiscal 2010 results to “write downs of excess inventory as a consequence of an overly optimistic production schedule.” But the company said it has “largely cleared its excess inventory and is moving toward a balance between production and sales of some 2,500 metric tons” annually. It is also reducing its productions costs.
The company unveiled that its southern bluefin tuna (SBT) fingerling production this year is “well advanced and resourced.”
“It is expected that a pre?commercialization number of SBT fingerlings will be successfully transferred to sea cages for experimental grow out,” said Clean Seas.
The company also announced that its yellowtail kingfish production will become “cash flow positive” in fiscal 2011 and is moving toward profitability “in the near term.”
“Whilst this progress is slower than originally anticipated, the company is now operating with a focused and higher level of rigor and discipline,” said Clean Seas.
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