Tassal ups earnings – now focusing on raising $130 million for prawn operations

News
758

Tasmanian salmon farmer posts latest results – states that prawns will “will provide fatter margins than its renowned salmon offering”.

In a financial statement, the Australian salmon farmer Tassal posted its FY 19 results.

It said that revenue grew by 15.7 per cent to AUD 560 million (EUR 341.4 million).

Operating EBIT grew by 15.4 per cent to AUD 88.55 million (EUR 53.9 million).

The salmon segment enjoyed a 19.9 per cent growth to AUD 474 million (EUR 289 million).

Tassal’s salmon harvest was up 7.0 per cent to 33,036 head-on, gutted tonnes, while total sales volumes rose 10.3 per cent to 33,856 hog tonnes.

The company said it expected salmon demand would continue to outstrip supply, allowing it to increase prices and further increase returns.

It said that it aims to raise AUD 130 million (EUR 79.2 million) as part of a deeper push into the prawn market, which it believes “will provide fatter margins than its renowned salmon offering”

Tassal bought prawn facilities from Fortune Group last September and has since sold 453 tonnes of the seafood.

Tassal said that it is also investing in a multi-purpose RAS smolt facility which is expected to cost AUD 46 million (EUR 28 million) and will be completed by 2021/2022.