Encouraging 1H for Pacific Andes

By

SeafoodSource staff

Published on
November 26, 2009

Pacific Andes Resources Development Ltd. on Thursday reported its results for the first half ending 28 September.

The company, which is listed on the Singapore Exchange, watched its first-half net profit jump 18.3 percent, to HKD 380 million (USD 49 million, EUR 33.9 million), but saw its first-half revenues slip 4 percent, to HKD 3.73 billion (USD 481.2 million, EUR 322.9 million).

Sales from the company's frozen fish supply chain management division held steady at HKD 2.06 billion (USD 265.8 million, EUR 178.3 million), which it attributed to higher sales volume of lower-priced fish coupled with lower sales volume of higher-priced fish, as it adjusted its sales mix due to the global economic downturn.

Meanwhile, sales from the company's fishing division fell 9.2 percent, to HKD 1.67 billion (USD 215.5 million, EUR 144.6 million), as it partially shifted its in fishing activity toward the fourth quarter of the year. The move has allowed the company to redirect vessels made redundant in the North Pacific to the South Pacific to increase its potential quota share when a quota system is eventually implemented in the region.

The first half results "reflect the group's strength during the economic downturn, while making it stronger for the future," said Ng Joo Siang, executive director and chairman of Pacific Andes. "In addition, the group's successful rights issue enabled us to improve our financial position as well as to enlarge our capital base. The group is now in a strong financial position to pursue its stated growth strategy."

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