Seafood processor Global Seafood Ltd released its half-year results have been released today, with a drastic drop in net profit by 77% to A$95,000. Cooler temperatures in the Gulf of Carpentaria and on the Queensland east coast have been blamed for the results, and financial controller David Hooker added that the full year results would depend on the next Gulf catch, which starts on 1 April.
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Chairman Norbury Rogers maintains that the situation is under control, and operating cash flow was positive. “Global Seafood has a strong balance sheet with more than adequate financial reserves to meet future operational and growth needs.”
Hooker added: “There are some indications that it should be better but if you go back 25 years we have never before had two poor seasons in a row.
“There are a lot of theories around but probably the most logical reason is the water temperatures are cooler than normal which works against a good catch.” Indeed, the catch of prawns and scallops was down between 30-50% over the past eighteen months.
The company is due to move into a new factory soon however, which will make its export, filleting and packing operations more efficient. Also, the recent acquisition of three new tuna permits means that there is a new focus for expansion.
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