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December 19, 2013

Indonesia

CP Prima Reports Losses While Sales Rise

 

Indonesian feed and shrimp producer Central Proteinaprima (CP Prima), probably the largest shrimp farming operation in the world, had heavier losses for the first nine months of 2013 than in the same period in 2012, despite higher sales.

 

The loss for the nine-month period ending September 30, 2013, came to $63.6 million, compared to $40.4 million in 2012.

 

Net sales, however, were up 7% to $470 million, while gross profit was up 14% to $67 million.

 

In the first nine months of 2012, the integrated shrimp farming operation had sales of $330 million, which rose to $403 million during the same period in 2013.  The operation continues to show a loss, but cut it from $13.2 million in 2012 to $7.5 million in 2013.  Export sales increased in 2013 to $182 million from $124 million in 2012.

 

In the first nine months of 2012, CP Prima’s feed division showed an increase in sales of 14% to $264 million, compared to $231 million during the same period in 2012.  Profit, however, actually fell from $14.3 million to $11.3 million.

 

The company’s frozen shrimp processing division losses almost doubled in the first nine months of 2013, compared to the same period in 2012 when it had losses of $520 thousand on sales of $2.5 million.  In 2013 its loss was $1 million on sales of $3.5 million.

 

Source: Undercurrent News [eight free news reads every month].  Editor, Tom Seaman (undercurrent@undercurrentnews.com).  CP Prima Reports Heavier Losses Despite Upping Sales.  November 25, 2013.

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