Broadstock of Southern Blue Fin tuna in ocean pens offshore from Arndo Bay breed for overseas markets.
Clean Seas Tuna will release its fingerlings next week and is hopeful of an early start to its tuna season.
Clean Seas director and acting chief executive Paul Stehr said the earlier start for both species would provide an opportunity for the juveniles to grow in more favorable warmer waters before the cold sets in next winter.
Mr. Stehr also reported further financial progress in the opening quarter of the 2011-2012 financial year with its continued focus on cutting costs and reducing the company’s cash-utilization rate.
“Cash held at the end of the September 2011 quarter was $7.3 million compared with cash of $5.1 million at the end of the previous corresponding quarter,†he said.
“The total decrease in cash held during the latest September quarter was down to $150,000, after including spending of $530,000 on non-current assets,†Mr. Stehr said.
“This is a further improvement on the $700,000 decrease in the September 2010 quarter, which in turn was a big reduction on the $6.7 million-cash spent in the September 2009 period.â€
Mr. Stehr said the improvement in lowering the cash-utilization rate was due to cost-cutting, general cost-efficiency savings and improved returns from the company’s kingfish business, which was continuing to benefit from increased farm-gate prices.
