By Phil Boeyen, ShareChat Business News Editor
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Monday 17th December 2001 |
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The result for the 12 months ended September compares with a loss of $2.8 million last year. The company says although its operational loss of $1.9 million is an improvement compared to last year, it has written off $2.09 million in unrealised tax benefits.
Sales suffered significantly, falling to $4.65 million from $9.2 million last year. However the company points out that in the 2000 result significant stocks which were brought forward from the previous year.
"This has been a very difficult year for deep sea fishing in the southern oceans. Due to the short mild winter there was no major schooling of fishes during the usual spawning periods," Seafresh says.
"This, coupled with the reduced number of operational boats working on the fishing grounds and therefore the lack of critical information, reduced the opportunity for good orange roughy catches."
Despite the adverse year management says it has stabilised the company through a combination of cost reduction and maintaining a low debt level, which will help it when conditions become more favourable.
"Management will continue to increase its focus on fishery operations and are of the opinion that cyclical weather patterns will improve fishing conditions in the coming years.
"Demand for fish is consistent and prices have been stable. The opportunity for upward movement is good."
Seafresh has recently appointed CDL Group company secretary, Hari Arasaratnam, to the board and says his maritime experience and legal knowledge will provide valuable guidance.
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