Fiji Fish Marketing Group Limited has ceased its tuna business and subsequently laid off around 120 employees.
Managing Director Graham Southwick confirmed he is now looking at more contracts and there may be more layoffs soon if there is a need for it.
Southwick said there has been massive decline in tuna catches in the last few years and the tuna industry is no longer sustainable.
He said they have lost millions in the last five years.
They are now processing and packaging fish for foreign vessels.
Southwick said there has been over fishing in the areas surrounding Fiji.
He added Fiji is surrounded by massive foreign fleet and most of them are subsidized by their states.
Another local fishing company Solander Pacific Limited said due to over fishing and some natural attrition they have no choice but to close part of their operation.
General Manager Radhika Kumar said last year tuna catches were less than half of the 2008 for the same amount of effort.
She said the fishing dropped to a new low level last year and hence 130 vessels are berthed in the harbour.
Minister for Fisheries and Forests Lieutenant Colonel Inia Seruiratu is expected to comment on the issue later today.
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