Clean Seas expects 1H boost

By

SeafoodSource staff

Published on
November 11, 2013

Clean Seas Tuna released a report today that indicated a rebate from research and development will lead to a projected USD 1.5 to 3 million (EUR 1.1 to 2.2 million) after-tax profit.

The company received a rebate of USD 6.2 million (EUR 4.6 million), which accounts for the projected profit. The estimate is up from the USD 34.1 million (EUR 25.5 million) loss for fiscal 1H 2013, which was due to a write down of the company's investment in its southern bluefin tuna lifecycle assets.

The company said it is "proceeding well" with plans to increase yellowtail kingfish production beyond 1,500 metric tons by FY2015, and to achieve an operating profit in that year.

"The Company is now in a sound financial position and is continuing to benefit from materially improved operating performance from its Yellowtail Kingfish division," the company said in its report. "The anticipated cash position at 31 December 2013 is forecast to be adequate to fully fund the Company's increased Yellowtail Kingfish production targets."

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