Fish farmer Clean Seas Tuna says it may achieve annual profitability earlier than expected as survival and growth rates among the company's yellowtail kingfish exceed plans.
Clean Seas' strategy to expand yellowtail kingfish production to 1,500 tonnes a year was on track, and sales would begin to increase from February, it said on Thursday.
"The production and sales outlook is strong, due to the very substantial increase in fingerling production in 2013 as we introduced three times the number of fingerlings to the sea compared to the previous year," Clean Seas said.
"The board is now optimistic that with a continuation of the solid first half fish performance for the balance of this financial year, the company could possibly achieve full year underlying profitability some 12 months ahead of previous expectations."
Clean Seas made an underlying loss of $4.6 million in the 2012/13 financial year, and had been aiming to achieve improved sales and underlying profitability by the 2014/15 financial year.
The company has lifted its net profit guidance for the first six months of the 2013/14 financial year, to betweeen $3.6 million and $4.1 million.
That is an improvement on its previous guidance of a net profit between $1.5 million and $3 million.
Clean Seas usually generates higher earnings in the second half of the financial year, due to higher growth rates among fish in summer and autumn.
Shares in Clean Seas were up 0.9 cents, or 17.3 per cent, at 6.1 cents at 1205 AEDT.
Share
