The Pacific Fishing Company, Chief Executive Saiyad Raiyum
The Pacific Fishing Company suffered a net loss after tax of over $2million according to its 2018 Annual Report.
While making their submission to the Standing Committee on Economic Affairs, Chief Executive Saiyad Raiyum says the loss was after the cold storage was written off.
Raiyum says the pre-write-off loss stands at a little over $205, 000.
“The new cold storage was commissioned in 2018 and the old cold storage was at that pointing time was deemed unfit to run and therefore the balance of the value was written off. That caused the entire numbers at the bottom line to change significantly.”
Raiyum says in 2018 a little over 20,000 metric tonnes of albacore tuna and over 200 thousand cases of tuna cans.
“The total tonnes of tuna that was processed of albacore was 20,964 metric tonnes. The cases of cans of tuna that was produced during the year was 262, 254, each case consisting of 48 cans.”
The 2018 PAFCO Annual Report highlights the company compliance level in 2018 stood at an average of 95 percent.
The company produces tuna products to cater to both the local and export demands.