Padenga volumes down 32pc

were in line with targeted slaughter.
“The number of skins produced and sold during the year was reduced by 32 percent from 62 884 skins sold in the 11 months to June 2011 to 43 049,” he said.
“This was consistent with the target volume for the year, which was 42 800 skins,” he said.

Despite the 32 percent reduction in skin production volumes, revenue fell by only by 9 percent as improved prices compensated for the loss of volumes.
“The average price of skins increased by 13 percent over the previous year, despite the average size of skins being 5,5 percent below budget,” he said.
The reduction in the skin size was due to a late-season stomach infection, which was difficult to detect and recover, given the proximity to the winter season. The problem has since been resolved.

The crocodile breeder anticipates selling 42 000 large premium quality skins next year with large skins anticipated to drive the growth in revenue this time.
At US$17,9 million revenue was about US$2,3 million lower than the same period last year.
Income attributable to shareholders of the company was marginally down at US$3,4 million compared with US$3,7 million the prior year.

In his operations review, Mr Calder said of the 43 049 crocodiles culled the off-take was achieved with a first-grade quality ratio of 84 percent against a targeted benchmark of 80 percent.

Padenga closed the year with 116 763 animals on the ground, which it says was comparable to the 115 704 live animals it had in stock as at June 30 2011.
A total of 205 immature breeders graduated to mature breeders status during the year to bring the total number of the adult female crocodiles to 1 769.
Immediate prospects revolve around investment into an alligator farming business in the United States.
“The company received regulatory approval for this external investment at year-end and subsequently acquired 50 percent stake in Lone Star Alligator Farms,” said Mr Calder.

“The alligator operation produces skins destined for the watchband market and sold 2100 in financial year 2012 prior to our acquisition,”
The operations are on course to produce 7 900 skins in the next financial year with a view to increase hatchlings and increase skins volumes in 2014.
Expansion of infrastructure in this regard is expected to be complete by end of this month to facilitate growth that would contribute to growth in profits.