Seafresh sinks into the red

Revenue fell to $11 million from $16 million. Seafresh chairman Lee Lim says the substantial reversal in revenue and profits is very disappointing and resulted from several significant adverse factors.

He says issues affecting the company included the write-down of asset reserve of $553,870 from revaluation of fishing vessels at balance date and the sinking of a factory trawler.

Although the company recovered the full value of the hull from insurance cover, the ship had incurred repair costs and operating losses totalling $900,000.

Mr Lim says in recent years the company has benefited from various joint venture arrangements which have returned a proportion of those catches, together with the processing and marketing of the total catch.

"Last year the arrangement contributed revenue of $4m, but unfortunately our main partner elected to fish in other waters this year."

Seafresh also experienced a very poor catch of one of its main revenue sources - orange roughy - and has faced higher fuel costs.

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