Clean Seas has seen a successful capital rising of A$ 36.8 million in November 2007 at A$ 1.35 per share through a private placement and a 1:8 non reconcilable rights issue. In that period the company has also produced a total of 1.375 million Kingfish and Mulloway fingerlings produced and transferred to sea cages for grow out in comparison to 0.76 million in 2006.
According to Clean Seas the first half production of Kingfish and Mulloway was 967 tonnes (344 tonnes 2006) and production is expected to exceed 2,500 tonnes for the half year ending 30 June 2008 with a further rise to some 5,000 tonnes projected for financial year 2009. And the first half sales of Kingfish and Mulloway was 711 tonnes (513 tonnes 2006) and projected to exceed 1,250 for the half year ending 30 June 2008 with a further rise to some 3,500 projected for 2009.
The company has incurred a loss after tax for the half A$ 26,000 in comparison to the profit of A$486,000 in the previous year principally as a consequence of seasonality with a material improvement anticipated for the half year ending 30 June 2008 and for the full financial year ending 30 June 2008 (A$1.1 million profit FY2007) in the order of +200 per cent.
Marcus Stehr, Clean Seas Managing Director, expressed that the industry thematics continue to improve for our full range of aquaculture products. He added that the company is making substantial growth in all core areas of business. The company has refined its production and harvest cycles while reducing costs in this first half.
Stehr informed that the company is in good position to move forward with confidence in refining its sales, marketing and logistics chain to meet the growing domestic and export demand.
