China Fishery boosts 1H revenues, profit

By

SeafoodSource staff

Published on
May 11, 2010

China Fishery Group on Wednesday announced its first-half results for fiscal 2010.

For the first half of fiscal 2010, the company increased its revenue to USD 275.5 million (EUR 217 million), up from USD 271.4 million in the same period in 2009. Gross profit also jumped to USD 105.1 million (EUR 82.8 million) from USD 86.5 million, and was net profit reached USD 65.2 million (EUR 51.4 million) from USD 60 million.

The company’s trawling operations, which accounted for 83.5 percent of total revenue, increased to USD 230.2 million (EUR 181.4 million), compared to USD 209.6 million in 2009. This was mainly attributable to higher catches from the company’s North Pacific trawling operations.

However, sales generated from fishmeal operations, which accounted for 16.5 percent of total revenue, fell to USD 45.3 million (EUR 35.7 million), compared to USD 61.8 million in 2009

Ng Joo Siang, the company’s managing director, said 2010 will be a “milestone year” for China Fishery. “We are expecting growth from all three areas of our operations,” he said. “For the North Pacific trawling operations, with a higher expected catch volume and positive market demand for our products, we anticipate achieving stable growth for this sector.”

Last week China Fishery agreed to acquire Peruvian fishing company Deep Sea Fishing for USD 18 million in an effort to benefit from strong fishmeal prices.

“Looking ahead, the group will continue to explore and seize acquisition opportunities,” added Ng. “Pursuing this strategy will enable the group to become a leading consolidator in the global fishing industry and a major supplier of fish products.”

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