Pacific Andes’ revenue, profit up

By

SeafoodSource staff

Published on
August 9, 2011

Pacific Andes’ on Wednesday announced its results for the third quarter of the year for its subsidiaries, Pacific Andes Resources Development Ltd. (PARD) and China Fishery Group.

Revenue for PARD increased 32 percent to HKD 2.9 billion in the third quarter and increased 14.8 percent to HKD 7.1 billion for the first nine months of the year. Profit for the company increased 19 percent to HKD 698 million in the third quarter and jumped 9.8 percent to HKD 1.7 billion for the first nine months of the year.

The record revenue growth was attributed to stronger contributions from both the frozen fish supply-chain management and fishing divisions. Third-quarter earnings before interest, tax, depreciation and amortization (EBITDA) were up 25.7 percent to HKD 750 million, and net profit was up 17 percent to HKD 254.8 million. For the first nine months of the year, EBITDA increased 12.6 percent to HKD 1.8 billion and net profit decreased 5.6 percent to HKD 626 million.

As for China Fishery, its third-quarter revenue totaled HKD 1.5 billion, up 19 percent from 2010. Gross profit also increased 18 percent to HKD 572 million, and EBITDA was up 17 percent to HKD 609.2 million. Net profit jumped 5 percent to 37.4 million.

For the first nine months of the year, the company’s revenue was up 12.7 percent to HKD 3.9 billion, gross profit was up 8.6 percent to HKD 1.4 billion, EBITDA was up 12.5 percent to HKD 1.5 billion and net profit rose 2 percent to HKD 802 million.

Catches of Peruvian anchovy were up about 57 percent to 218,274 metric tons, with production volume of fishmeal and fish oil up to 76,8235 metric tons.

“With persistent strong demand for fishmeal in the PRC market, we expect fishmeal and fish oil price to remain strong. We intend to capitalize on this by releasing the significantly high fishmeal and fish oil inventory in the next quarter. Our frozen fish division is also rapidly expanding its business in the African market, with sales to the region recording a year-on-year growth from HKD 62.4 million to HKD 467.9 million. Propelled by growing demand for frozen fish in Africa, we expect its sales to Africa to grow further,” said Ng Joo Siang, Pacific Andes’ vice chairman and managing director. “With continuing strong demand for our fish products, as well as our commitment to continue to search for new and sustainable fishing grounds with rich resources, we believe that the group is well positioned to sustain long term growth and deliver positive results for the current financial year.”

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