China Fishery Group in the black – Fishupdate.com

China Fishery Group in the black Published:  12 August, 2014

CHINA Fishery Group Ltd has reported a net profit of $19.6 million for Q3, a year-on-year increase of 26.6 per cent.

Revenue for the period April-June was $155 million, a year-on-year increase of 1.7 per cent, and the company’s inter-annual gross profits increased by 30.9 per cent, reports FIS.

Commenting on the figures, Managing Director, Ng Joo Siang, said: ‘We have been transforming the Group so that it is strongly positioned to meet the increasing demand for fishmeal and fish oil from the growing aquaculture and animal farming sectors.

‘We are pleased with our performance for the quarter which reflects our commitment to this strategy.

‘Looking ahead to the next quarter, the Group will maintain its focus on consolidating the enlarged Peruvian Fishmeal Operations, realising maximum value from the synergies and efficiencies generated and focusing on cash conversion and net debt reduction.’

The company explained that revenue from its Peruvian fishmeal operations – which incorporates Copeinca AS – accounted for 67.6 per cent of the total, an increase from $83.3 million to $324.6 million.

Revenue from the CF Fleet operations increased by 33 per cent, although Contract Supply Business revenue decreased by 59.5 per cent – although this still accounted for 27.1 per cent of total revenue.

Another important factor was that the cost of sales and operating costs increased by only six per cent, whilst overall sales volume increased by 57 per cent.

However, the company highlighted an overall decrease in net profit of 24.7 per cent, largely due to higher finance costs and income tax in Peru.

Listed on the Mainboard of Singapore Exchange since 2006, China Fishery is a global integrated industrial fishing company with access to fish in some of the world’s most important fishing grounds, including the Anchovy fishery in Peru.

Employing the latest catch and processing solutions, China Fishery sources, harvests, onboard-processes and delivers high quality catch to consumers the world over.

China Fishery is also one of the world’s leading producers of fishmeal and fish oil through its processing plants located strategically along Peru’s coastal areas.

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