International tender for Ceres Pacific

Press, 1 August 1989, Page 37

International tender for Ceres Pacific

Ceres Pacific, the sea-foods company, is to sell its salmonfarming operations by international tender. The decision was announced with the company’s interim result yesterday: a bottom-line loss of $3.1 million, compared with a loss of S3.BM for the corresponding half of the previous year.

Ceres Pacific, which listed as Big Glory Sea Foods in January, 1987, changed its name after diversifying. The managing director, Mr Bob Glover, said Big Glory Seafoods continued to run at a profitable level, despite an outbreak of algae bloom at the salmon farm during the six months. Big Glory Seafoods had reported a record tax-paid profit of

$672,000 for the trading period.

The company expects a harvest in excess of 500 tonnes from the salmon farm in the coming season. Mr Glover said the recovery had been exceptional and full production capacity of 700 tonnes was expected in 1991.

Prices for salmon on the Japanese market during the last season were poor because of the Emperor’s prolonged illness and a concern by buyers relating to the quality of product as a result of the algae bloom. More favourable prices were expected to contribute (o results for the coming season. Other activities by Big Glory Seafoods were also profitable, substantial tonnages of crayfish and wet fish

being produced at Bluff. The extraordinary losses in the result of Ceres Pacific for the latest half-year include a write-down in the investment in General Properties Corporation of $893,000. Another investment Energy Source Television, was placed in receivership during the year, and this holding has also been written off in the extraordinary items. The directors say the selling of non-performing assets will continue.

Ceres Pacific will sell Big Glory Seafoods by international tender. Mr Glover said aquaculture operations had been fetching premium prices recently, and he was optimistic there would be a good return to Ceres Pacific from the sale.

Ceres Pacific Interim Result for the six months ended March 31 1989 1988 $000 $000 Turnover. ; 12,828 29,790 Profit (loss) before tax. (419) (104) Income Tax 66 (164) Profit (loss) after tax. . (485) 60 Extraordinary items. . . Profit (loss) after (2675) (3861) Extraordinary items. . . (3160) (3801)