China Fishery suffers 20 per cent slide in earnings

CHINA Fishery has suffered a 20 per cent fall in full-year net profit to US$61.9 million, dragged down mainly by higher finance and income tax costs.

The weaker bottomline came despite a 13.7 cent increase in revenue for the 12 months ended Sept 28 to US$630.8 million.

The company said the jump in sales was driven by a strong showing at its Peruvian fishmeal operations where revenue jumped 162 per cent to US$435 million.

Earnings per share was 3.03 US cents, down from 4.95 US cents the previous year.

Net asset per share was 59 US cents as at Sept 28, up from 57 US cents a year earlier.

China Fishery is a subsidiary of Pacific Andes Resources Development, which also reported its full-year financial results on Saturday. Pacific Andes achieved a 27.5 per cent increase in full-year net profits to HK$953 million.