Lower fish catch drags profit at China Fishery
CHINA Fishery Group has suffered a 42.7 per cent drop in first quarter net profit to US$13.6 million (S$16.7 million).
Group revenue for the three months to Dec 28 fell by 14.1 per cent to US$108.1 million, largely due to lower sales contribution from the China Fishery fleet, which mainly focus on mackerel fishing and processing.
The significant reduction in sales generated by the fleet resulted in a decline in overall gross margin from 30.5 per cent to 26.2 per cent.
Net margin decreased from 18.9 per cent to 12.6 per cent.