The Hindu : Kerala News : Matsyafed to set up tuna canning facility

Online edition of India's National Newspaper
Wednesday, May 17, 2006

Kerala

Kerala

Matsyafed to set up tuna canning facility

K.A. Martin

In talks with South African company for the purpose

KOCHI: The Kerala State Cooperative Federation For Fisheries Development Limited (Matsyafed) is in talks with a South African company to set up a tuna canning facility at its Mattancherry ice and freezing plant at an investment of around Rs.2.5 crores.

Sources in the cooperative said that the talks with the South African company had progressed well and the canning facility would be a major step towards increasing Matsyafed's profitability, as demand for frozen whole round tuna was on the decline worldwide.

Value-addition

Value addition is the only way ahead for tuna processing, said the sources. Matsyafed currently exports frozen whole round tuna.

Turnaround

The new initiative comes even as the cooperative has made a dramatic turnaround during the last financial year.

The Mattancherry plant turned in a net profit of Rs.11.70 lakhs on a turnover of Rs.4.56 crores during the last financial year.

During the period, the plant was able to process 818 tonnes of fish, of which 731 tonnes were exported, earning Rs.82 crores.

During 2004-05, the Matsyafed plant had logged a loss of nearly Rs.36 lakhs. During the period, the plant had processed 456 tonnes of fish and had a turnover of Rs.2.31 crores.

Matsyafed sources said that the achievement was remarkable as the freezing plant was able more than fully to use its installed capacity. The cooperative is now in the process of upgrading the processing capacity adding new equipment and machinery.

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