Clean Seas Tuna has reported further progress in the second quarter of the 2011-12 financial year with the company's continuing focus on reducing costs.
Cash held at the end of the second quarter on December 31 was AU$7.275 million (US$7.7 million), a AU$60,000 reduction on cash held at the end of the preceding quarter. A total of AU$1.8 million was invested in non-current assets, AU$0.9 million being capitalisation of the company's Southern Bluefin Tuna research and development. Cash from financing activities included a net capital raising of AU$1.52 million.
The company's senior management continue to focus on securing operational improvements at the company's Kingfish grow-out business. Kingfish operations have contributed in excess of AU$2million in positive cash flow in the financial year to date, due to a planned reduction of inventory levels and continued improvement in Kingfish farmgate prices on both domestic and export markets.
Disclosure: Members of the Baird family and companies in the Baird Publications group own shares in Clean Seas Tuna.
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