Tassal Forecast Good Weather Ahead

The underlying net profit after tax (i.e. normalised NPAT) was $21.200 million for the full year period to 30 June 2008 [30 June 2007:$15.988 million] an increase of 32.60%.

The result was driven by underlying salmon growth in the domestic market combined with a targeted marketing spend, continued focus on cost reduction initiatives and an accelerated capital investment program (particularly with respect to efficiency related capital items). These factors were partially offset by an increase in feed costs and a rising Australian dollar from an export perspective.

The reported net profit after tax was $20.467 million [30 June 2007:$20.145 million] which represents an increase of 1.60%. It should be noted that the reported result to 30 June 2007 included an uplift in net profit after tax of $5.005 million associated with the application of the Accounting Standard AASB 141 Agriculture, compared to an equivalent uplift of only $0.688 million for the period to 30 June 2008.

The Directors of Tassal have declared an unfranked final dividend of 3.50 cents per share which, together with an interim dividend of 3.00 cents per share, brings the total dividend for the financial year ended 30 June 2008 to 6.50 cents per share an increase of 23.81% [previous period total dividend: 5.25 cents per share].

The Companys Dividend Re-investment Plan will again be in place to support continued investment in fish growth and marine and processing infrastructure. Our focus on infrastructure investment in financial year 2009 is centred on growth, efficiency focussed and risk mitigation related capital items.