Pacific Andes International Holdings Ltd. on Monday reported a 1.7 percent increase in third-quarter (3Q) revenues for Hong Kong-based China Fishery Group Ltd., and a 30.9 percent increase in gross profit for the nine-month period that ended 28 June.
The group’s 3Q revenue reached USD 154.9 million (EUR 116 million) and its net profit hit USD 19.6 million (EUR 14.6 million).
The group’s revenue from its Peruvian fishmeal operations accounted for 78.2 percent of total revenue, an increase of 135 percent to USD 121.1 million (EUR 90.7 million). The company produced 85,165 metric tons (MT) of fishmeal during the quarter at an average selling price of USD 1,525 per MT (EUR 1,142).
“We have been transforming the Group so that it is strongly positioned to meet the increasing demand for fishmeal and fish oil from the growing aquaculture and animal farming sectors,” said Group Managing Director Ng Joo Siang. He added that the group will continue to consolidate its fishmeal operations and focus on cash conversion and net debt reduction.
