Profit plummets as kingfish farmer works to cut costs

Profit crashed at Australian yellowtail kingfish farmer Clean Seas during the first half of its financial year thanks to higher costs.

Operating earnings before interest, tax, depreciation and amortization (EBITDA) fell by 90 percent to AUD 166,000 (€100,782/$108,952).

Revenue, driven by higher prices, remained flat at AUD 34.1 million (€20.7 million/$22.4 million) in the six months to Dec. 31.

The company harvested 33 percent more fish in the period at 2,107 metric tons. This incorporates 364 metric tons of Clean Seas' accelerated harvest program.