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Clean Seas Tuna Continues Focus on Reducing Costs

Economics +1 more

AUSTRALIA - Clean Seas Tuna Limited is pleased to report further progress in the second quarter of the 2011/12 financial year with the Company's continuing focus on reducing costs.

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A priority of senior management continues to be the achievement of further operational improvements to the Company's Kingfish grow-out business in order to turn it into a profitable business with a reasonable return on capital employed. The Kingfish grow-out operations have contributed in excess of $2million positive cash flow in FY 2012 to date, due to a planned reduction of inventory levels and continued improvement in Kingfish farmgate prices on both domestic and export markets.

Cash held at the end of the 31 December 2011 quarter was $7.275 million, a $0.06 million reduction on cash held at the end of the first quarter of the current 2011/12 financial year. A total of $1.8 million was invested in non?current assets, 0.9 million being capitalization of ur Southern Bluefin Tuna research and development. Cash from financing activities ncluded a net capital raising of $1.52 million.

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