Growth across the board for Pacific Andes

By

SeafoodSource staff

Published on
January 2, 2012

Pacific Andes International Holdings Ltd. has reported its results for fiscal 2011, which ended 28 September 2011.

The Hong Kong-listed company’s revenue surged 24.2 percent to HKD 14.25 billion, while its gross profit jumped 18.6 percent to HKD 2.75 billion.

Pacific Andes’ fishing division, which operates through its Singapore-listed subsidiary China Fishery Group Ltd., continued to be the company’s key revenue contributor, posting a 27.2 percent increase in revenue to HKD 5.35 billion, accounting for 37.5 percent of the company’s total revenue.

Pacific Andes’ processing and distribution division posted a 12.2 percent increase in revenue to HKD 4.53 billion, 31.8 percent of the company’s total revenue.

Ng Joo Siang, vice chairman and managing director of Pacific Andes, is cautiously optimistic about 2012. “We remain positive about the growth potential of all our business divisions. The acquisitions and investments completed in 2011 should become another growth engine for the group and will provide greater revenue while facilitating our growth in the global seafood industry,” he said.

“Looking ahead to fiscal 2012, the group will be operating in a world of macroeconomic uncertainty, headlined by the European debt crisis, fears of recession, unemployment and high prices,” he added. “In such an environment, we will cautiously seek to further consolidate our leadership position.”

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