According to the press communiqué China Fishery Group revenue rose 13.4 percent to US$115.1 million from US$101.4 million in the same period last year. Trawling and Peruvian fishmeal operations accounted for 90.6 percent and 9.4 percent of total revenue respectively. In terms of profitability, gross profit rose 26.3 percent to US$42.7 million due to higher revenues and improvements in operational efficiency in both trawling and fishmeal operations as well as the increased revenue. Net profit rose 7.9 percent to US$19.7 million, while net profit margin remained relatively stable at 17.1 percent.
The revenue of North Pacific trawling operations was bit down at US$68.9 million, down 20.7 percent from US$86.9 million last year, the result of lower selling prices. Selling prices were affected by an increase of global supply of the Group’s major catch species. Revenues were also affected by higher sales volume of lower-value fish (whole-round fish) for the West African market.
Even the Peruvian fishmeal operations recorded a decrease in sales by 18.5 percent from US$13.3 million to US$10.8 million mainly due to lower carry-over inventories available for sale. The most significant market of the Group was the PRC, accounting for 59.4 percent of the Group’s revenue. West Africa accounted for 30.8 percent while Europe, Japan & Korea, South East Asia and other markets accounted for the remaining 9.8 percent. By operations, trawling and Peruvian fishmeal operations accounted for 90.6 percent and 9.4 percent of total revenue respectively.
Ng Joo Siang, Group Managing Director, said that they are delighted to have this merger as they want to achieve another profitable quarter with a healthy increase in overall revenue. He added that in exploring options to improve the Group’s liquidity position and strengthen its balance sheet, the Group proposed a dual primary listing on the The Stock Exchange of Hong Kong Limited.
