Couldn't do more MAP because Huon couldn't export, and so dumped into the domestic market. Couldn't do more exports, because the price relative to the $1.70-$2.30 air freight was prohibitive.
@bug1 I'd just note that originally they were paying $2.30 in logistics, and then they found new avenues at $1.70 - so it's not a linear cost per KG, but your point seems right. At times they may have been losing money to export, thus the freezers stocked full of salmon. But the situation after March 2021 where they barely exported was BETTER than the period they did export to. So you may find that in March-June 2021, the price was probably closer to $14/KG and logistics had come down by around $0.60c/KG. That to me is the missed opportunity imho. That's just the EBITDA side of things though - from a cash flow perspective we booked the costs, but none of that revenue, thus the huge discrepancy between EBITDA and operating cash flow in 2H21.
TGR Price at posting:
$3.53 Sentiment: Buy Disclosure: Held
