Pacific Andes' Revenues, Profits Down Sharply in First Half of Fiscal Year
SEAFOODNEWS.COM [SeafoodNews] May 27, 2015
Pacific Andes reported sharp declines in revenues and profits, during the first half of its fiscal year that ended in March. However, the company did report the success of National Fish's rebranding campaign and in meeting the company's goal to reduce its debt.
During Pacific Andes' six-month fiscal year period that ended on March 28, the company posted a 24 percent decline in revenue and 60 percent drop in profits. The company posted these overall declines even though it reported much more favorable operating costs due to a sharp decline in global oil prices.
Revenues from Pacific's processing and distribution division were down over 6.5 percent primarily from lower sales volumes selling prices of frozen fish fillet products. Additionally, revenue declines in Pacific's Fishery and Fish Supply and Frozen Fish Supply Chain Management Divisions were reported at 38 and 26.5 percent respectively.
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