China Fishery: ‘Continued profitability’ in 2012
China Fishery Group Ltd. on Sunday released its fiscal 2011 results.
In fiscal 2011, the company posted a 27.2 percent increase in revenue to USD 685.5 million, thanks to higher contribution from the Peruvian fishmeal operations and the South Pacific fleet. Trawling and Peruvian fishmeal operations contributed 76.5 percent and 23.5 percent, respectively, of total revenue.
In terms of profitability, the company posted a 13.6% increase in gross profit to USD 226.5 million in fiscal 2011. However, the company’s net profit declined 11.1 percent to USD 103.7 million.
“We are pleased to report another year of profitability and strong revenue growth for the Group. The group’s strategy of maximizing utilization and efficiency of its vessels and plants has continued to deliver results. Although the group’s profitability this year was impacted by one-time charges, particularly from the redemption of the senior Notes, interest cost savings in the long run will be advantageous for the group,” said Ng Joo Siang, group general manager.
“We expect the group’s Peru operations to benefit from the acquisition of two Peruvian fishing companies in November,” he added. “This allows the group to increase its quota share as well as to enhance utilization of the South Peru quota with a new fishmeal plant there. We are also pleased with the continued proven success of the group’s factory vessel concept and will continue to identify new and sustainable fishing grounds with rich resources where the successful factory vessel concept can be implemented. With a strong focus on growth strategy, the group is confident of achieving continued profitability for the next financial year.”
China Fishery is a subsidiary of Pacific Andes Resources Development Ltd.