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Oceana bullish on fish after 40% profit lift

14 May 2007

CAPE TOWN - Fishing company Oceana has lifted interim headline earnings a share by 40 percent, says Mustaq Brey, its chairman.

The increased earnings for the six months to March were due to good catches of horse mackerel and lobster, better fishmeal volumes, higher export prices and the weaker rand exchange rate.

Earnings a share for the period were 50 percent higher, mainly as a result of the profit on the disposal of the Tuna Marine abalone business.

Operating profit before abnormal items increased by 26 percent to 66.3 million Rand.

The weighted average number of shares in issue declined because the shares held by the black employee share trust, Khula Trust, were treated as treasury shares. This contributed to higher earnings on a per share basis.

Brey said some Oceana subsidiaries were involved in high court review applications over the allocation of long-term fishing rights, which could take time to complete.

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Source: Business Report

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