Written by The Edge
Mainboard-listed industrial fishing company China Fishery Group (SGX: B0Z.SI) today reported its results for the third quarter (3QFY2010) and nine months (9MFY2010) for the financial year ending 28 September 2010.
In 3QFY2010, group revenue increased by 48.3% to US$159.4 million from $107.4 million in 3QFY2009. Net profit rose 42% to US$35.6 million from US$25.1 million in the corresponding year earlier period.
In 9MFY2010, group revenue increased by 14.8% from US$378.8 million ($512.4 million) to US$434.9 million. Gross profit was up 30.8% to US$167.3 million from US$127.8 million. Gross profit margin rose from 33.8% to 38.5% as a result of greater economies of scale and higher operating efficiencies achieved. Net profit increased by 18.5% from US$85.0 million to US$100.8 million. In line with the increase in net profit, earnings per share rose from 9.89 US cents to 11.57 US cents.
Sales generated from North Pacific fishing operations in 9MFY2010 increased by 18.7% from US$283.6 million to US$336.8 million attributed mainly to an increase in the total allowable catch for major harvested species in 2010. This contributed to higher catch volumes in the North Pacific Ocean. Strong market demand for the group’s fish products also led to an increase in selling prices. Sales from the start-up South Pacific operations contributed revenue of US$8.0 million.
However, sales generated from fishmeal operations in 9MFY2010 fell by 5.3% from US$95.2 million to US$90.1 million due mainly to lower sales volume of fishmeal as a result of lower inventory carried forward and a shift in fishing season.
Dividend : None
