Tassal Nets reports H1 net profit of US$10.6 million

Tassal Nets, the largest aquaculture group in Australia has reported a net profit after tax up of AU$16.5 million (US$10.6 million) in its first half of their financial year.

The underlying net profit after tax was AU$13.4 million for the half year period to 31 December 2008, an increase of 44.5 percent from the same period last year.

The company directors have declared an interim dividend of AU$0.40 per share, which represents an increase of 33.3 percent on the H1 2008 interim dividend of AU$0.30 per share.

Tassal managing director and chief executive officer Mark Ryan is pleased deliver another solid profit outcome in such a difficult economic climate and hopes to continue implementing cost reduction initiatives and deliver the benefits flowing from ongoing capital investment programmes.

US$1 = AU$1.55 (Feb 27)