Seafood trader Global Seafood Australia announced it expects to report full-year losses of up to A$850,000 (US$484,925) this financial year.
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The trader said it will have to write down the value of its imported cooked prawn stock by 20-30% after failing to find a buyer for a large part of the stock.
“Subject to market price fluctuations, this write down together with the holding costs will result in a material loss for the current financial year of A$500,000 to A$850,000,”” the company said in a statement.
The loss is reported to have resulted from operations started in China and Thailand last October to buy and cook prawns for the domestic Christmas trade. Unexpected delays in processing meant the product was delivered too late for Australian Christmas trade.
CEO Neal Harris said the loss would be a setback for the company but he expressed confidence that Global Seafood would return to profitability in the next 12 months.
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