CSS clean seas seafood limited

July 3 (Reuters) - Clean Seas Seafood Ltd (CSS) : SEES FY20...

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    July 3 (Reuters) - Clean Seas Seafood Ltd (CSS) :

    • SEES FY20 AFTER TAX STATUTORY PROFIT OF $1.5M TO $2.0M
    • GLOBAL SALES VOLUMES IN JUNE RECOVERED TO 77% OF PRIOR YEAR
    • EXPECTS FY21 SALES WILL ALSO BE LOWER THAN PREVIOUSLY PLANNED
    • TOTAL SALES VOLUMES IN FY20 WERE 2,424 TONNES
    • IMPACT OF COVID-19 RESULTED IN LOST SALES DURING H2 FY20 OF CIRCA $13 MILLION
    • SEES STATUTORY (SGARA) NET LOSS AFTER TAX FOR FY20 IN RANGE OF $14.5-$15.0 MILLION
    • CONFIRMS THAT IT PLANS TO REACTIVATE A NUMBER OF AUTOMATION (CAPEX) PROGRAMS THAT HAD BEEN PAUSED IN Q3 FY20
    • IMPACT OF COVID-19 RESULTED IN FY SALES VOLUMES 10% LOWER THAN FY19
    • EXPECTS IMPACT OF LOWER SALES IN Q4 FY20 & FY21 WILL LEAD TO CIRCA 2,000 TONNES OF EXCESS LIVE FISH & FROZEN INVENTORY
    • RECENT INCREASE IN COVID-19 CASES IN VICTORIA EXPECTED TO SLOW DOWN RECOVERY OF SALES IN THAT STATE IN JULY, POSSIBLY LONGER
    • CLEAN SEAS SEAFOOD-ENTERS FY21 WITH BALANCE SHEET STRENGTH
 
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