Brisbane-based Global Seafood Australia has said it expects to book a full-year loss of A$1.4m (US$0.9m).

The company said the war in Iraq, the rising Australian dollar and the outbreak of Severe Acute Respiratory Syndrome (SARS) had impacted its earnings in 2002/03, reported the Australian Associated Press.

The Japanese seafood market, which accounts for half the company’s revenue, has also been severely depressed in terms of prices and volumes being imported to Japan. The company said it does not see the situation in Japan improving before the second quarter of 2003/04.

The company recorded a loss of $1.9m in the year to 20 June 2002.

“However, we do expect to return to profitable operations in the December 2003 quarter as markets improve and the impacts of tuna and other strategic decisions start to take effect,” the group was quoted by AAP as saying.