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Profits Continue to Grow for Clean Seas Tuna

Tuna Economics +3 more

AUSTRALIA - Clean Seas Tuna has reported in its December Quarter 2012 results that profits were up in December 2012.

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Consistent with the announcement on the 21 December 2012, the company continues to generate cash from a continued clearance in its Kingfish inventory, coupled with divestment of surplus asset infrastructure. Implementation of strategies to improve both the health and profitability of the Kingfish business remain ongoing.

These initiatives are underpinning the company'mid-term cash profile and the Board expects these cash flow initiatives to be supportive of rebuilding in CY 2013.

The Company is planning to either continue with a further scaled down Yellowtail Kingfish division in its own right or in a joint venture with a domestic partner. Clean Seas will keep shareholders informed of material developments arising from the progress of these strategic initiatives.

Cash flow movement overview: Cash held at the end of December 2012 was $4.391 million, which represents a $0.536 million increase on cash held at the end of the full year ended 30 June 2012. A total of 0.273million has been invested in YTD non-current assets. Cash from FY2012 investing tivities included net proceeds from asset sales for the half year of $1.328 million.

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