Print This Page
 
       

April 6, 2016

Indonesia

CP Prima, $91 Million Loss in 2015

 

In its 2015 annual report, Central Proteinaprima (CP Prima), one of the largest shrimp farms in the world, reported a net loss of $91.5 million, and accumulated losses of $265.5 million.

 

As a result, independent auditors Purwantono, Sungkoro and Surja said, these results “may cast significant doubt about the company and its subsidiaries’ ability to continue as going concerns”!

 

The reasons for the losses stem from the same source as they did in 2014: the 2011 halting of shrimp farming in its Lampung Province locations on the island of Sumatra, following the appearance of infectious myonecrosis virus (IMNV), which decimated production on its main farm, Centralpertiwi Bahari—known as CPB—in the second quarter of 2009.

 

The global decline in shrimp prices and foreign exchange losses in 2015 also negatively affected sales and income.  The depreciation of the Indonesian rupiah against the dollar amounted to losses for the year of $33.4 million.

 

Also See: Central Proteinaprima (CP Prima).

 

Source:  Undercurrent News [eight free news reads every month].  Editor, Tom Seaman (undercurrent@undercurrentnews.com).  CP Prima’s Future in Doubt After $91m Loss.  Neil Ramsden (neil.ramsden@undercurrentnews.com).  April 6, 2016.

 

Print This Page