Singapore-listed China Fishery's net profit rises 7.3%

Fishing company China Fishery said net profit for the full year ended Sept 28 rose 7.3 per cent from US$78.1 million to US$83.8 million.

Revenue however fell 8.1 per cent to US$555 million. The results included one month's contribution from Copeinca in which China Fishery took a 99.1 per cent stake on Aug 30.

After buying Copeinca, China Fishery is now the largest holder of Peruvian Anchovy quota and a leading producer and exporter of fishmeal and fish oil in the world.

The board of directors is proposing a final dividend of one Singapore cent per share.

Group managing director Mr Ng Joo Siang said that the financial year 2013 "was a year of momentum and transformation for China Fishery. We achieved our goal of increasing access to under-utilised and sustainable marine resources. Following the successful acquisition of Copeinca, we look forward to Peruvian Fishmeal Operations becoming a driver of future growth for the group. We also expect our newly established fishing operations in Namibia to be an exciting contributor going forward."

Mr Ng added: "Looking forward to the financial year 2014, China Fishery will focus on the creation and realisation of synergies and cost savings from the Copeinca acquisition. The Group will also explore the possibility of increasing the value of the catch by promoting Peruvian Anchovy for direct human consumption. This presents a long-term value proposition for the overall growth of the Group's business."