Higher revenue from its core fish business helped Qian Hu Corporation haul in higher earnings in the fourth quarter.
Net profit came in at $126,000, more than triple the same period a year earlier, on the back of higher revenue from its core fish business.
Revenue for the three months to Dec 31 was down 0.3 per cent to $22 million.
Full-year net profit skyrocketed 384 per cent to $329,000 from the year before, while turnover was up 9.1 per cent to $87.8 million.
Sales of fish grew by 9.2 per cent in the fourth quarter to $8.7 million. This was due to the improved export performance at its hubs in Singapore, Malaysia, Thailand and Indonesia, as sales of dragon fish grew in tandem with other ornamental fish.
The mainboard-listed company's other businesses include aquaculture, accessories and plastics.
It reported yesterday that revenue from the accessories segment fell 6.7 per cent to $10.5 million due to the loss of sales from a delay in the shipment of products to some overseas customers as a result of a change in import regulations.
AT A GLANCE
NET PROFIT $126,000 (+250%)
REVENUE $22 million (-0.3%)
DIVIDEND 0.2 cent a share (comparison not meaningful)
Earnings per share for the quarter was 0.11 cent, up from 0.03 cent a year earlier, while net asset value per share was 45.48 cents as at Dec 31, up from 44.48 cents.
Executive chairman and managing director Kenny Yap said the aquaculture business, or edible fish farm business, has "contributed positively" to revenue and earnings since the third quarter last year.
The group started the breeding and farming of shrimp last November, after it incorporated another company in Hainan.
Separately, Qian Hu said yesterday that it is "not the appropriate time" to make a decision on the options available to meet the minimum trading price (MTP) exit criteria. This comes after it entered the Singapore Exchange's MTP watch-list in June last year.
Qian Hu said its review considered various factors, including the "current tepid market conditions and uncertainty in the global economy".
Qian Hu shares closed unchanged at 23 cents yesterday.