Clean Seas Tuna is expecting to report an after-tax profit for the first half of 2014, partly due to an increase in annual yellowtail kingfish production.
In a profit update to the ASX this morning, the SA-based company said the anticipated after-tax profit of between around $1.5 million and $3 million included $6.157 million received as a research and development rebate.
CEO Craig Foster said Clean Seas’ plan to increase yellowtail kingfish production to more than 1500 tonnes by FY2015 was proceeding well, with fingerling survival rates higher than expected in the 2013 season. The program is on target to achieve production and transfer to sea of some 650,000 fingerlings in the 2014 season.
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The company records higher earnings in the second half of each financial year due to higher fish growth rates during summer and autumn, when the sea-water is warmer.
Clean Seas reported an after-tax loss of $34.1 million for the first half of 2013 – a result which included an impairment charge of $29.7 million due partly to the write-down of its investment in southern bluefin tuna.
