Pacific Andes' Q1 results lifted by subsidiary China Fishery

Frozen seafood supplier Pacific Andes Resources Development saw its first-quarter revenue rise 2 per cent to HK$2.4 billion, boosted by its unit China Fishery Group.

Revenue from the fishery and fish supply division increased by 34.4 per cent to HK$1.1 billion for the three months to Dec 28, compared with the same period a year ago, reported the firm on Tuesday (Feb 11).

This makes up 46.7 per cent of total revenue.

This was mainly due to contributions from Copeinca ASA, the fishmeal and fish oil business recently acquired by China Fishery.

Pacific Andes' first-quarter net profit plunged 47.9 per cent to HK$103.8 million.

The firm said this was mainly due to gain from derivative contracts amounting to HK$107.9 million recognised in the same quarter last year.

Earnings per share was 2.17 HK cents, down from 4.15 HK cents a year ago.

Net asset value was HK$2.19 as at Dec 28, up from HK$2.17 as at Sept 28.

On the other hand, China Fishery's first-quarter revenue rose by 34.4 per cent to US$145.2 million.

Revenue from the Peruvian Fishmeal Operations increased 3.88 times to US$73.8 million, accounting for 50.8 per cent of total revenue.

The increase was mainly due to contributions from Copeinca.

China Fishery said that during the quarter under review, the average selling prices of fishmeal fell to US$1,388 per ton, and fish oil to US$1,977 per ton.

There was also a significant increase in the total allowable catch of peruvian anchovy for the second fishing season from Nov to Jan.

"As a result of the healthy biomass and good weather conditions, the Group's enlarged Peruvian fishmeal and fish oil operations was successful in catching 100 per cent of its quota for the 2013 second fishing season," said China Fishery in a statement.

Net profit fell 12.5 per cent to US$11.9 million.

Earnings per share was US 0.72 cent, down from US 1.33 cent.

Net asset value stood at 58 US cents as at Dec 28, up from 57 US cents as at Sept 28.

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