Australian shrimp farmer Seafarms posted an increase in revenues for the first half of its 2019 financial year, but made a loss thanks to ongoing costs related to its Project Sea Dragon mega-shrimp farming operation in the north of the country.
Operating revenue for the 6 months ending Dec. 31 2018 was up 9.1 percent year on year to AUD 17.9 million.
The company, however, realized an overall loss for the period, which increased 32 percent to AUD 13.2 million in the period, reflecting the positive cash contributions of Queensland aquaculture operations whilst fully expensing all Project Sea Dragon development costs.
The loss was also affected by the lower than expected 2018 Christmas crop at Seafarms Queensland operations which was caused by the late delivery of broodstock and associated delays to stocking, resulting in lower yields and smaller animals.
Production for period was 872 metric tons of shrimp, up 16.4 percent on the corresponding previous period. Outlook for the full year remains in the order of 1,800 metric tons of production.
