debt free... strengthened its r&d

31 Aug 2010


Source: News Bites


Clean Seas Tuna Ltd reported a net loss of $15.7 million for the year ended June 30, 2010 on revenue up 30% to $39.5 million.

No dividend was proposed.

The second half loss of $1.5 million was a significant improvement over the first half loss of $14.1 million and the second half 2009 loss of $5.9 million. This came from decreased costs, improved productivity, increased farmgate prices and a change in strategic direction.

The company is debt free and has sufficient cash reserves for all planned operations in full year 2011.

The company has largely cleared its excess Kingfish inventory and is moving towards a balance between production and sales for the division.

In the Southern Bluefin Tuna project the company has strengthened its R&D capability via its partnership agreement with the Seafood CRC and FRDC. Following a 3 month spawning season in full year 2010 the company remains confident it will achieve significant progress with SBT fingerling production and at sea growout trials. The company believes its Yellowtail Kingfish division will become cashflow positive in 2011.