CP Prima's shrimp output sets to recover

Struggling Indonesia-based shrimp producer PT Central Proteinaprima, whose farms were devastated by a virus outbreak last year, said on Friday (May 21) that production was improving.

CP Prima's director Mahar Sembiring said additional improvements in production efficiency would help the company improve its bottom line this year from its IDR217.7-billion (US$23.5-million) loss in 2009.

Average productivity by the end of 2009 had improved to 4.8 tonnes of shrimp per hectare, compared with only 3.4 tonnes early last year, he added.

In December, CP Prima defaulted on US$17.8 million in interest payments on bonds issued by its subsidiary PT Blue Ocean Resources. The company was in a standstill agreement with bondholders until June 28, according to Mahar.