Pacific Andes’ 1Q profit increases

Pacific Andes International Holdings on Wednesday released its 2010 first-quarter results, including a 7.6 percent increase in gross profit to HKD 311.4 million (USD 40 million, EUR 29 million) over the same period in 2009.

The Hong Kong-based frozen seafood supplier’s revenues also increased by about HKD 2,000 to HKD 1.5 billion (USD 193 million, EUR 141 million).

Revenue from the frozen fish supply chain management (Frozen Fish SCM) division rose 3.1 percent to HKD 772.9 million (USD 99.5 million, EUR 73 million), due to an increase in sales volume. Revenue from the fishing division, however, dropped 2.6 percent to HKD 791.1 million (USD 101.8 million, EUR 74.4 million) as did revenues from the company’s subsidiary China Fisheries Group Ltd., declining 3.2 percent to HKD 790.9 million (USD 101 million, EUR 74.3 million).

The fishing division is also set to benefit from key growth drivers, including a quota increase for the company’s major harvest species in the North Pacific by 13.5 percent.

The company’s trawling operations revenue increased 18.2 percent to HKD 688 million (USD 88.5 million, EUR 64.7 million), due mainly to increased catches unutilized fish from previous quarters.

Due to a lower inventory carried over from the fourth quarter of 2009, sales volume for fishmeal decreased 81 percent to 6,200 metric tons. However, higher prices made up for the reduction in sales, and revenue increased to HKD 103.7 million (USD 13.3 million, EUR 9.8 million) and production remained stable at 33,400 metric tons.

“We are positive about the growth potential for both our frozen fish SCM and fishing divisions. The Frozen Fish SCM division will continue to ride the growth in demand for frozen seafood products in the PRC line with rising affluence and increasing population,” said Ng Joo Siang, vice chairman and managing director for Pacific Andes. “We intend to further strengthen our distribution in the PRC to leverage on the demand and we also have plans to continue expanding our distribution network in Europe and Africa to increase the sales volume of frozen fish.”

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