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$4.2m Cervantes loss

FISHING minnow Cervantes Seafood has revealed a $4.2 million loss as it prepares to take to shareholders a proposal to merge with bigger rival Bluewave Seafood. The loss for the year ending June 30 was on turnover of $9.5 million and the company blamed the poor result on a volatile world market, where key markets were affected by war and SARS, and unrealistically high beach prices for lobster in the early part of the past season.

A rising Australian dollar and a fire that interrupted operations for more than a week were also factors.

Cervantes management said Mexico, Cuba and Florida had emerged as major competitors, largely because of Australia’s strong dollar.

The company is progressing with a merger with another small processor INF ahead of the proposed Bluewave amalgamation in a bid to benefit from expected consolidation across the industry.

 

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