Subiaco-based Arafura Pearls Holdings Ltd has increased sales at its 2007 pearl farming project to $10.5 million, up 228 per cent on the previous year's managed investment scheme sales.
The full text of a company announcement is pasted below
Arafura Pearls is pleased to announce grower permits have been issued by NT Fisheries for applications in its 2007 MIS totalling approximately $10.5 million (ex GST).
The 2007 result is an increase of 228% on 2006 MIS sales ($4.6 million) and was at the high end of Company expectations.
Subject to final grower payment by 15 June 2007, 70% of this sales amount will be revenue for Arafura Pearls in the 2007 year, with the remaining amount taken up over the following two financial years.
The CEO of Arafura Pearls, Andrew Hewitt, said that the significant increase in sales was very pleasing and reflected the quality of Arafura Pearls' project.
"Investors are attracted to our operation and industry because of the high barriers to entry, quota controlled production, our quality management and the value and prestige of the product. These are just some of the reasons which lead independent agribusiness research house Adviser Edge to recently award our project the strong 4 star rating (out of 5)."
