Australia's salmon farming company Tassal Group has posted a 33-percent increase in full-year net profit and is forecasting double-digit earnings growth for the year ahead.

The company, listed on the Australian Stock Exchange since November, 2003, posted a net profit of US$21.2 million for the full year on sales of US$167.3 million, which was an increase of 16.16 percent.

The improved performance came about as the company benefited from cost cutting measures and strong local demand for salmon.

Tassal chief executive Mark Ryan said the company was well placed to benefit from investments made last year and was expecting to achieve an underlying net profit after tax of US$30 million for 2008-09, in line with previous guidance.

The company brought a total payout to shareholders of 6.5 per share, an increase of 23.81 percent.

Ryan said improved operations helped the bottom line and included increased harvested fish sizes which reduced the cost of production. The company also reaped higher effective prices for domestic and export sales.