Pacific Andes posts 46% drop in Q2 net profit

SINGAPORE - Pacific Andes, the parent company of China Fishery, said on Monday its second-quarter net profit fell 46 per cent from the previous year to HK$174.1 million (S$28 million) as a result of lower revenue and higher finance costs.

Revenue dipped 10.3 per cent in the quarter from a year ago to HK$2.2 billion, it said.

The higher finance costs were due mainly to the term loan drawn by China Fishery Group to finance the acquisition of Copeinca and the consolidation of senior notes issued by Copeinca.

"For the immediate term, we will be focusing on consolidation, and increasing efficiency and effectiveness of our expanded operations," said Pacific Andes group chairman Ng Joo Siang.

"In particular, the privatisation of Copeinca, which was completed on April 1, provides greater flexibility for the group to realise synergies through the integration of our Peruvian fishmeal operations," Mr Ng added.