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November 21, 2013

Thailand

Seafresh Owns 50% of Belize Aquaculture

 

In the third quarter of 2013, Thai shrimp processor Seafresh Industry, which is active in the UK, USA and Belize, dropped further into the red as shrimp raw material prices continued to rise.

 

The Bangkok-listed company, which owns UK-based Blue Earth Foods and 50% of Belize Aquaculture reported losses of $3.35 million in the third quarter of the year, despite a 16% increase in sales, compared to a profit of $7.23 million during the same period of 2012.

 

The losses complete another dismal quarter for Thailand’s shrimp and seafood processors, from the largest player Thai Union Frozen Products (37% profit drop in Q3), to smaller ones such as Asian Seafoods Coldstorage, Pakfood and Trang Seafoods.  All have posted red figures since the start of the year, mainly due to early mortality syndrome (EMS) ravaging shrimp harvests and sending raw material prices to sky-high levels.

 

For the first nine months of 2013, Seafresh’s accumulated losses of $8 million, compared to a profit of $13.2 million in the third quarter of 2012.

 

Seafresh attributed the drop to several factors, but identified EMS as the main cause. “Outbreaks of the EMS impacted shrimp prices, so the gross profit margin decreased from 14.19% to 4.36%”, the company said in its third-quarter report.

In April 2013, Seafresh established a USA subsidiary, Sea Farms Inc, 

Source: Undercurrent News.  Editor, Tom Seaman (undercurrent@undercurrentnews.com).  Rocketing Thai Shrimp Prices Outrun Seafresh Sales Hike.  Victor  Jimenez (victor.jimenez@undercurrentnews.com).  November 19, 2013.

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