Zhangzidao Forced to Buy Scallops from Japan after Failure of Yesso Scallop Growing This Year
SEAFOODNEWS.COM [stockhxun] Translated by Amy Zhong March 29, 2018
Zhangzidao is under pressure with financial losses after it disclosed another scallop failure earlier this year. One result has been the company's need to buy yesso scallops from Japan.
On the evening of March 27, Zhangzidao has announced that it is estimated to suffer a loss between 7 million to 11 million yuan in this first quarter, while it earned a net profit of 3.6852 million yuan in the same period last year.
Both sales and revenue of its yesso scallops plummet and relevant departments are adjusting accordingly. Owing to its high cost spread among fewer scallops, the profitability dives in the scallop business.
What’s worse, the company has to buy yesso scallops from Japan to satisfy domestic demand after the recent scallop disappearance.
It has dispatched a ship to buy scallops..
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