Putu Senja Zavina, Cening Kardi, Ni Putu Sukanteri
Milkfish (Chanos chanos) is one of the leading aquaculture commodities in Indonesia with high economic value and relatively stable market demand. This species is widely cultivated due to its strong adaptability to various aquatic environments, including marine waters using Floating Net Cage (FNC) systems. This study aims to analyze the profit, efficiency, and feasibility of milkfish grow-out business using floating net cages in Sumberkima Village, Gerokgak District, Buleleng Regency. The research employed a total sampling method involving five milkfish farmers. Primary and secondary data were analyzed using quantitative descriptive methods, including the calculation of production costs, revenue, profit, R/C Ratio, and Internal Rate of Return (IRR). The results showed that the average milkfish production per cycle was 8,580 kg with a selling price of IDR 30,000/kg, resulting in an average revenue of IDR 257,400,000 per cycle. The average total production cost was IDR 166,802,560, generating an average profit of IDR 90,597,440 per production cycle. The R/C Ratio value was greater than 1, indicating that the business is economically efficient. Furthermore, the IRR analysis indicates that the business is financially feasible as it provides a profitable rate of return on investment. Feed cost is the largest component of production cost; therefore, proper feed management significantly affects profit and business efficiency.