Tassal hooks 23 per cent profit rise

Focusing on domestic markets has delivered salmon farmer Tassal 23 per cent profit growth. Source: AAP

SALMON farmer Tassal has overcome drops in fish supplies, caused by hot weather, to lift profit 23 per cent to $41.6 million.

THE company achieved the healthy result by focusing on local markets, where it was getting stronger returns per kilo, despite the reduced fish supply.

"From an operating perspective, although Tassal sold less fish over 2014, favourable market returns were achieved, together with improved operational efficiencies that reduced the cost of bringing fish to market," chief executive Mark Ryan said.Tassal had become more efficient by using improved breeding programs, logistics, packaging and feed conversion ratios, he said."In addition, Tassal's marketing campaign has been instrumental in building brand awareness and driving sales via increased domestic consumption per capita," Mr Ryan said.Tassal's revenue dropped slightly, reflecting the fall in fish supplies due to the hot summer of 2012/13, but earnings were up 14 per cent to $78.6 million.The company is predicting more growth after investing heavily in its infrastructure.Its shares were up five cents at $3.99 at 1436 AEST.TASSAL REELS IN PROFIT GROWTH* Full year net profit of $41.1m, up 22.7 per cent from $33.5m in 2012/13* Revenue of $266.3m, down 2.4 pct from $272.8m* Final dividend of six cents a share, up from five cents

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