An Australian-based pearling business has suffered an 'extraordinary' oyster stock loss – which will impact on the current year's earnings.
Australian Stock Exchange (ASX) registered company, Atlas South Sea Pearls Ltd, lost 32,000 oysters during a routine shipment from Bali to the Alyui Bay Farm in West Papua.
The oysters were due for harvest in 2013 and the current market value of the stock is $415,000, which will be written down in the 2011 financial year.
Chairman Steve Birkbeck said it will affect the current year's earnings, but stressed he does not believe the mollusc mishap is an ongoing risk to the company, based on the fact that the same transfer method has been used stressfully for many years.
“The board would like to advise of an extraordinary oyster stock loss incident,” Birkbeck said. “An investigation has concluded that there has not been any human error or mechanic failure on the part of the ship and further investigations are being undertaken to identify the cause.”
Atlas, which has head offices and retail stores in Perth and Bali, is a global leader in eco-pearling, specialising in South Sea white and silver pearls.