March 1, 2007

Clean Seas' profits jumps five-fold

Higher tuna prices and growth in the kingfish market have helped aquaculture company Australia's Clean Seas Tuna achieve a five-fold increase in profits.

Clean Seas' first-half profit of AUS$486,000 was a great improvement on its 2005-06 full-year profit result of AUS $75,000.

Managing director Marcus Stehr said there had been a reduction in Japan's Southern Bluefin Tuna quota and improved controls on overfishing of wild Southern and Northern Bluefin tuna.

Moreover, Clean Seas has almost doubled its production of Yellow Kingfish fingerlings from 400,000 to 760,000.

Stehr said the past six months has been a positive period for the company and he is confident the company has the infrastructure and key personnel to complete the company's Southern Bluefin Tuna lifecycle project.