Pacific Andes frozen fish. (Photo Credit: Pacific Andes)

Pacific Andes reports high gross profit rise for Q1 2014

Pacific Andes International Holdings Ltd. announced that its subsidiary, Pacific Andes Resources Development Limited (PARD), reported a gross profit rise of 41.2 per cent to HKD 397.9 million (USD 51.2 million) in Q1 2014, mainly owing to the enlarged Peruvian fishmeal and fish oil operations.

In terms of revenue, the international frozen seafood supplier ends 2 per cent up vs. last year, that is to say, HKD 2,426.2 million (USD 312.7 million) compared to HKD 2,378.4 million (USD 306.5 million) in 2013.

EBITDA grew by 23 per cent to HKD 595.5 million (USD 76.7 million) and the net profit attributable to equity holders decreased to HKD 103.8 million (USD 13.3 million), mainly due to gains on derivative contracts.

As regards the business segment, the Fishery and Fish Supply Division accounted for 46.7 per cent of total revenue mainly attributable to inputs from Copeinca.

The remaining 53.3 per cent is derived from the frozen fish supply chain management division.

As for the other group's subsidiary, China Fishery, gross profit increased by 56.5 per cent to HKD 345.5 million (USD 44.3 million). EBITDA grew by 43 per cent and revenue went up 34.4 per cent to HKD 1,132.6 million (USD 145.2 million) with contributions from Copeinca.

The revenue from the Peruvian fishmeal operations, which accounted for 50.8 per cent of total revenue, increased by 3.88 times.

Revenue from the contract supply business, retreated 34.3 per cent to HKD 459.4 million (USD USD 58.9 million) owing to lower sales volume and that of the China Fishery Fleet increased by 2.79 times due to fishing operations in Namibia established since 2QFY2013.

Regarding the outlook for FY2014, Ng Joo Siang, Vice-Chairman and Managing Director of Pacific Andes said, “The strong performance of our enlarged fishmeal and fish oil operations is most encouraging. It is a growth engine for the Group. We expect to realise full benefits from synergies as we continue to integrate our strategic acquisitions, and we are confident of profitability continuing into the next quarter.”

The company aims at completing the refinancing of China Fishery’s bridge loan in the 2QFY2014.

[email protected]
www.seafood.media

Address:	Room 3201-3215 Hong Kong Plaza 188 Connaught Road West
City:	Hong Kong
Country:	Singapore
Phone:	+65 225 470 168
Fax:	+65 228 582 764
E-Mail:	[email protected]
More about:

Print