Pacific Andes Dismal Q3 Earnings Due to Lower Fishmeal Sales
SEAFOODNEWS.COM [The Straits Times] By Dennis Chan - August 13, 2015
Fishery group Pacific Andes Resources Development's third quarter net profit slumped by 89.9 per cent to HK$37.7 million (S$6.8 million) on the back of a 6.6 per cent drop in revenue to HK$2.05 billion.
The sharp fall in profit was due mainly to lower sales volume of fishmeal and fish oil, the absence of a one-off gain that had boosted earnings in the same period last year as well as the cost associated with early redemption of bonds.
Revenue from the fishery and fish supply division, which accounted for 51.8 per cent of total revenue, plunged by 12.1 per cent to HK$1.06 billion, due mainly to lower sales from the Peruvian fishmeal operations.
However, revenue from the frozen fish supply chain management division, which accounted for 48.2 per cent of total revenue,inched up 0.2 per cent to HK$989.3 million, despite a drop in sales volume.
Earnings per share shrank to...
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