Hong Kong-based seafood importing and distribution firm Ocean One Holding recently reported disappointing financial results for the middle two quarters of 2024, underlining the continued decline of Hong Kong as a major center for imported seafood.
According to an official filing to the Hong Kong stock exchange, Ocean One reported that its revenue fell 16.5 percent to HKD 201 million (USD 25.8 million, EUR 25.1 million) for the six months ending 30 September 2024.
The company said the fall in revenue was “primarily due to a decrease in sales of products such as Arctic clams, Canada spot prawns, baby octopus, China-processed scallops, and more,” according to a statement of the company’s results posted to investors.
For the six-month period, the group also recorded a net profit of approximately HKD 20 million (USD 2.6 million, EUR 2.4 million), as compared to a net profit of approximately HKD 21.4 million (USD 2.8 million, EUR 2.7 million) for the same period a year prior.
This marked a sharper deceleration than the performance Ocean One reported for the year ending 31 March 2024, when its revenue dropped 1.8 percent year over year to HKD 458.7 million (USD 58.8 million, EUR 53.3 million).
“There is a sluggish economy in Hong Kong and especially a weakened retail market due to the growing trend of Hong Kong people traveling to Shenzhen and other … cities during weekends and long holidays,” Ocean One said at the time.
Looking ahead, the company’s directors “anticipate that the catering and foodservice industry will continue to be under immense pressure due to the change in consumption trends of Hong Kong people.”
“The group will closely monitor market conditions, specifically the local retail market. With assessment of the impact on the group’s operations and financial performance, we will also closely monitor the group’s exposure to risks and uncertainties on an ongoing basis and will strengthen cost-savings initiatives in view of the challenging conditions,” Ocean One said.
