China Fishery posts 29% drop in Q3 net profit to $19 million
China Fishery Group has posted a 28.7 per cent decline in third quarter net profit to US$15 million (S$19 million).
Revenue for the three months to June 28 was flat at US$152.4 million, with gains in some areas offset by declines in others.
Revenue from Peruvian fishmeal operations, which accounted for about a third of total revenue, increased by 9.7 per cent to US$51.5 million. The increase was due to higher average selling prices of fishmeal and fish oil products on the back of the reduction in total allowable catch in Peru for the second fishing season.
Revenue from contract supply business, which accounted for 62 per cent of total revenue, fell by 3.9 per cent to US$94.4 million, due mainly to the prevailing lower average selling prices of various products.