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Tassal Nets AU$16.5 million Profit

AUSTRALIA - Australia's largest aquaculture group has reported a profitable first half to their financial year, with net profit after tax up AU$16.5 million.

"Tassal has continued to build on recent earnings momentum, backing up its 2008 performance with another impressive result", says the latest Tassal update.

The underlying net profit after tax was $13.475 million for the half year period to 31 December 2008 [31 December 2007: $9.305 million] – an increase of 44.5 per cent.

The Directors of Tassal have declared an unfranked interim dividend of 4.00 cents per share. This represents an increase of 33.33 per cent on the H1 2008 interim dividend of 3.00 cents per share.

Presenting the result, Tassal Group’s Managing Director and Chief Executive Officer, Mark Ryan said, “It is extremely pleasing to deliver another solid profit outcome in such a difficult economic climate. We have achieved encouraging domestic market growth whilst continuing to implement cost reduction initiatives and deliver the benefits flowing from our ongoing capital investment program.

"We acknowledge the challenges ahead that the current economic environment has presented, but we remain excited by the opportunities that continue to present themselves.”

the Fish Site Editor

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