(MENAFN- Muscat Daily) Oman Fisheries Company's net loss rose to RO544,713 for the nine months period ended December 31, 2013, from a net loss of RO134,668 in the corresponding period of the previous year, mainly due to lower turnover.
The company's consolidated turnover dropped by 28 per cent to RO13.9mn in its nine months' operations, compared with a turnover of RO19.3mn for the same period of the previous year.
''Apart from the late start of the fishing season, enough quantity and species of fish required for export were not available,'' said Oman Fisheries in its report submitted to Muscat Securities Market (MSM).
''The quantity and species of fish received by the company was largely for sale in the local market. However, the sales in the local market were affected due to the surplus availability of fish this season,'' said the report.
The company said that the quantity it sold was 17,321MT, significantly lower than the 21,818MT in the corresponding period of the previous year.
Oman Fisheries said that, during the current year, it was unable to procure a substantial quantity of cuttlefish, which contributes to the major part of its turnover.
The company said that its two processing factories under construction in Salalah and Shoqra will be ready for the season.
''From the next season, fish processing will commence in these factories. Our plans for setting up of two new fish processing plants in Duqm and Barka are also in the final stages,'' said Oman Fisheries.
''The company plans to go ahead with its pilot project on seaweeds farming on government-allocated areas in the sea. The company has initiated viability studies with the government for the identification of appropriate land. We are in the process of conducting technical, financial feasibility studies,'' said Oman Fisher
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