SINGAPORE - Abalone company Oceanus Group announced that it has entered into an agreement with BNY Trading to distribute canned and dried abalone products.

BNY Trading is a seafood processor based in Queensland, Australia.

"BNY shall grant Oceanus the exclusive right to sell, distribute and manage BNY's products and customers in all countries outside Australia," Oceanus said in an announcement filed to Singapore Exchange on Thursday (May 21).

The agreement also holds that BNY will sell its products in Australia using Oceanus' brand.

This news came just days after Oceanus announced a first quarter loss of 61 million yuan, which widened from the 19 million yuan loss a year ago.

The loss was due to a lack of sale of live marine prodiucts in the period, as the company's juvenile abalones still need time to mature.

Oceanus' shares gained 0.2 cent or 20 per cent to 1.2 cents on Thursday.