Financials for Australian shrimp farmer Seafarms Group took an upward swing in the 12 months to June 30, but ongoing investment in its challenging Project Sea Dragon still left the producer sat heavily in the red.
Earnings before interest and tax (EBIT) for the group improved 81.5 percent to a reduced loss of AUD 15.6 million (€9.3 million/$10.1 million).
This aligned with investments in Project Sea Dragon, which came to AUD 26 million (€15.5 million/$16.8 million).
"While impacting on our short-term financial results, [the investments] are a cornerstone of our growth strategy that is the purpose of the organization, and which will yield long-term benefits for the organization," said CEO Rod Dyer.
