July 3, 2020 / 1:41 AM / a month ago

BRIEF-Clean Seas Seafood Sees FY20 After Tax Statutory Profit Of $1.5M To $2.0M

July 3 (Reuters) - Clean Seas Seafood Ltd:

* SEES FY20 AFTER TAX STATUTORY PROFIT OF $1.5M TO $2.0M

* GLOBAL SALES VOLUMES IN JUNE RECOVERED TO 77% OF PRIOR YEAR

* EXPECTS FY21 SALES WILL ALSO BE LOWER THAN PREVIOUSLY PLANNED

* TOTAL SALES VOLUMES IN FY20 WERE 2,424 TONNES

* IMPACT OF COVID-19 RESULTED IN LOST SALES DURING H2 FY20 OF CIRCA $13 MILLION

* SEES STATUTORY (SGARA) NET LOSS AFTER TAX FOR FY20 IN RANGE OF $14.5-$15.0 MILLION

* CONFIRMS THAT IT PLANS TO REACTIVATE A NUMBER OF AUTOMATION (CAPEX) PROGRAMS THAT HAD BEEN PAUSED IN Q3 FY20

* IMPACT OF COVID-19 RESULTED IN FY SALES VOLUMES 10% LOWER THAN FY19

* EXPECTS IMPACT OF LOWER SALES IN Q4 FY20 & FY21 WILL LEAD TO CIRCA 2,000 TONNES OF EXCESS LIVE FISH & FROZEN INVENTORY

* RECENT INCREASE IN COVID-19 CASES IN VICTORIA EXPECTED TO SLOW DOWN RECOVERY OF SALES IN THAT STATE IN JULY, POSSIBLY LONGER

* CLEAN SEAS SEAFOOD-ENTERS FY21 WITH BALANCE SHEET STRENGTH Source text for Eikon: Further company coverage:

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