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Clean Seas Tuna Reveals Massive Loss

South Australian-based Clean Seas Tuna has announced a AUS$ 34 million statutory loss for the last half of 2012 (USD 34.9 million).
However, the Eyre Peninsula company, pioneer in the southern bluefin tuna farming, says it is confident of improvements.
It is expecting further surplus asset sales and existing cash reserves will support it while it looks to revitalize its yellowtail kingfish business.
The company has told the ASX it has resolved substantive feed-related health problems and returned to normal yellowtail kingfish growth.  As a result, it says kingfish has the potential to deliver good returns.
It says the company has positioned its kingfish as a sashimi product, proving there is a sizeable market, with premium pricing, in Australia and overseas. It has suspended its tuna propagation in the medium term, to focus on activities more likely to prove profitable.
Clean Seas has reported an underlying six-month loss of AUS$ 4.4 million, down from AUS$ 7 million for the same period the previous year.