Tasmania’s Salmon Farmer Tassal Announces Big Profit Boost

By We Photo Booth You

Although Tassal saw a small fall in revenue, the Tasmanian fish farmer still reported a strong rise in profits. Tassal is the biggest salmon producer of three in the Tasmania region.

Analysts are not surprised by the jump in profit, which was in double digits for another consecutive year. “"It's doing very well. We love our salmon down here and the rest of the Australia seems to as well," said Bede Donnelly, financial analyst for Bell Potter.

The company experienced a 13.9 percent jump for the 2013-2014 financial year, totalling $78.6 million. The net profit after tax was factored in increased 22.7 percent to $41.1 million. Amongst the good news, revenue dropped 2.4 percent, taking the total to $266.3 million.

Donnelly believes the salmon industry in Tasmania is experiencing a boom, and it’s being led by Tassal. The company’s CEO Mark Ryan couldn’t agree more.

''Tassal has again produced double digit profit growth, further strengthening the company's operating cash flow and balance sheet, he said. “Tassal's sales initiatives and operating efficiencies continue to drive sustainable earnings growth and the generation of more dollars per kilo from domestic market sales. Importantly, this was against the backdrop of reduced fish supply as we dealt with the tail end of the hot summer 2012-13.''

Ryan went on to peak about how the boost proved the continued success of the company’s focus on the growing value of the domestic market. The demand for Tasmanian salmon around the country has increased, allowing Tassal to stock more supermarket shelves with their product. The company has opened two exclusive stores in Melbourne and Hobart which have proved very successful. Donnelly shared that he wouldn’t be surprised if Tassal were to open more stores in the near future.

Information sourced from The Advocate.

Share

Featured Articles

Twitter timeline – how Musk pulled off a hostile takeover

Elon Musk strikes deal to buy Twitter for US$44bn following four months of cryptic tweets, secret meetings and buying of shares – here’s the timeline

Top 10 Asia restaurants, from Tokyo’s Den to Bangkok’s Sorn

From Tokyo to Bangkok, with cuisines spanning Cantonese, Thai and German, we highlight Asia’s top 10 places to eat, as per Asia’s 50 Best Restaurants

Microsoft: what Asia leaders need to know about hybrid work

Microsoft’s 2022 Work Trend Index guides Asia leaders to navigating a hybrid future – from making the office worth the commute to rebuilding social capital

Meet the company: EV Nio to list in Hong Kong, enter Europe

Leadership & Strategy

12 Tech trends to watch closely in 2022, from CB Insights

Technology

Why Deloitte Australia’s HR technology is winning awards

Human Capital