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Economic analysis of tiger grouper Epinephelus fuscoguttatus and humpback grouper Cromileptes altivelis commercial cage culture in Indonesia
Afero, F.; Miao, S.; Perez, A.A. (2010). Economic analysis of tiger grouper Epinephelus fuscoguttatus and humpback grouper Cromileptes altivelis commercial cage culture in Indonesia. Aquacult. Int. 18(5): 725-739. dx.doi.org/10.1007/s10499-009-9295-x
In: Aquaculture International. Springer: London. ISSN 0967-6120, more
Peer reviewed article

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Keywords
    Cromileptes altivelis (Valenciennes, 1828) [WoRMS]; Epinephelus fuscoguttatus (Forsskål, 1775) [WoRMS]; Marine

Authors  Top 
  • Afero, F.
  • Miao, S.
  • Perez, A.A.

Abstract
    This study presents an economic analysis of tiger and humpback grouper at different production scales in Indonesia. The results highlight the non-viability of small-scale tiger grouper farming, with a 5-year projected negative cumulative cash flow of −IDR 18,102,650.00 and a negative net present value (NPV) of −IDR 22,059,576.28. An increased production scale of tiger grouper highlights a marginal viability for medium-scale farms (with a 5-year projected cumulative cash flow of IDR 198,320,673.00, a positive NPV of IDR 105,578,440.42; a benefit cost ratio of 1.25; an internal rate of return (IRR) of 88% and a payback period of 0.99 years), and an economically viable large-scale cage culture (with a 5-year projected cumulative cash of IDR 707,746,923.00; a NPV of IDR 406,801,749.07; a benefit cost ratio of 1.33; an internal rate of return of 157%; and a payback period of 0.57 years). The economic analysis of humpback grouper at different production scales highlighted a positive cumulative cash and NPV, a benefit cost ratio over 2, an internal rate of return over 300% and a payback period <1 year. A sensitivity analysis revealed that increased survival rate up to 80% would increase cumulative cash and NPV of small-scale tiger grouper cage culture. Additionally, improved profitability performance was associated with decreasing major production costs, increasing production and price of the product.

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