Jump in earnings at Pacific Andes despite weaker frozen fish sales

FROZEN fish supplier Pacific Andes Resources Development has notched up a 27.5 per cent increase in full-year net profits to HK$953 million despite a slide in frozen fish sales.

The company said it was looking to focus more on its fishmeal and fish oil businesses as global fish farming grows rapidly.

Revenue for the year ended Sept 28 slid 7.3 per cent to HK$8.13 billion.

Sales from the firm's frozen fish division fell 27.7 per cent to HK$3.21 billion.

However, its fishery and fish supply business did better, especially sales from its Peruvian fishmeal operations.

"As a result of increased population, growing affluence and consumer acceptance of farmed seafood, global demand for fishmeal and fish oil for aquaculture and farmed animal production is continuing to strengthen," Pacific Andes said in a statement to the Singapore Exchange on Saturday.

"This demand will be a key driver of future growth for the fishmeal and fish oil market, and in particular for the group."

Earnings per share was 19.9 HK cents, up from 15.61 HK cents in the previous year.

Net asset value per share was HK$2.35 as at Sept 28, up from HK$2.17 a year earlier.