Tasmanian agricultural company Webster has turned around its financial performance, reporting a H1 profit of A$598,000 (US$307,409) after a loss of A$2.67m in the previous corresponding period.
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The company explained that the A$3.27m turnaround was funded by the sale of its Hong Kong seafood business for A$1.519m. Furthermore, its rural and industrial division recorded a profit of A$1.2m.
Webster’s MD Rob Woolley, urged Tasmania’s A$150m salmon industry to rationalise in a bid to cater for the global oversupply. The industry, which produces 2% of the global supply, needs to reduce costs and improve performance, he said, as well as taking advantage of the state’s environmentally friendly image in its marketing.
The group’s walnut division meanwhile closed the H1 ahead of budget, and revenues from this business should increase continuously over the next year as orchards mature.
Woolley added that the group’s 100% acquisition of Aquatas has significant sales potential, although it will create some pressure in the short-term.
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