Clean Seas Tuna has told investors it hopes to post a profit by 2015.The company recently posted a $34 million-plus half net loss, including $30 million worth of write downs to the southern bluefin tuna breeding program, which was put on hiatus earlier this year.
Chief executive officer Dr Craig Foster said the company would now concentrate its efforts on producing kingfish to make it profitable.
Dr Foster said to company would ramp up its kingfish production and increase the amount of fish it harvests to build the company back up.
"We have to rebuild our kingfish biomass," he said.
"At the moment we're producing 500 tonne per year, which is very low.
"With the improvements we can make, we hope to produce 1500 tonne per year by 2015."
Dr Foster said the company had built a two-step plan to help rebuild the kingfish business.
He said the company hoped to triple its kingfish production over the next 18 months to two years and it would farm those fish in Boston Bay.
"Once we are comfortable that things are going well and we have resolved our problems, we will then consider how we expand to 3000 tonnes," he said.
"As soon as we have the business stabilised and we are actually running a profit, we will look at putting the tuna business back in.
"At the moment, we will focus on one species of fish and just suspend the tuna."
Dr Foster said the company was confident it could rebuild and the current market for kingfish was favourable for the company.
"The market is excellent for kingfish and the Clean Seas kingfish brand," he said.
"We just can't produce it quick enough.
"It's about building it back up."
