¿Cual ORP?
Nota: Ojo con el segundo párrafo, además de la última parte donde habla sobre el Pacífico Sur.
Pacific Andes reports surging income from China Fisheries and frozen fish sales, has new transports, |
SEAFOOD.COM NEWS by John Sackton - Feb 14, 2008 - Pacific Andes, parent company to National Fish and Seafood in the U.S., has released its third quarter and nine-month results.
In the third financial quarter ended 31 December 2007 the Group posted a 52.0% growth in revenue to HK$1,113.0 million, ($142 million US) from HK$732.1 million ($93 million US) the same quarter a year ago. Gross profit rose 104.1% to HK$273.9 million from HK$134.2 million, while profit for the quarter registered HK$112.2 million, up 119.3% year-on-year.
This growth was achieved on the back of sustained organic growth recorded by the frozen fish supply chain management (SCM) division, as well as expansionary efforts undertaken by the fishing division in the year to-date. During this period, the fishing division increased its revenue base significantly by signing on new Vessel Operating Agreements (VOAs) and expanding its fishmeal processing business in Peru.
The strong profit growth is underpinned by greater earnings contribution from the fishing division, headed by China Fishery Group Limited (CFGL), in which the Group has raised its effective stake from 28.8% to 64.1%. For the cumulative nine-month period ending Dec 31, 2007, PAH recorded a total revenue of HK$4.8 billion ($US 615 million) , which was a 62.1% increase over the prior year's period.
Commenting on the Group's results, Executive Chairman Mr Ng Joo Siang said, We are clearly beginning to harness the effects of increasing our stake in CFGL. Strengthening our foothold in the upstream segment of the business will remain fundamental to PAH's growth in the years ahead, while our core supply chain management operations will continue to offer a sizeable revenue base to the Group.
Looking forward, the Management remains confident of seeing a continued rise in global demand for ocean-caught fish and fish products such as fishmeal and fishoil. A large part of such demand will be driven by the PRC market, which is increasing its needs for imported fish to meet rising domestic consumption, as well as processing for re-export needs. This is set to augur well for the Group's frozen fish SCM business, in which PAH remains as one of the PRC's largest importers of ocean-caught fish.
We are an established player in this market, but our main challenge going forward will be to enhance the cost effectiveness and efficiency of our logistics operations. Amidst a prolonged global shortage of reefer vessel capacity and rising freight costs, the strategy is clearly to enlarge our self-owned transportation fleet, explained Mr Ng.
The Group has during the reporting period doubled its transportation fleet from 2 to 4 vessels.
With respect to its fishing operations, the Group expects to deliver a higher volume of fish catch in its current fishing grounds in the calendar year of 2008. The division is also expected to commence fishing operations in the South Pacific Ocean in FY2009, adding a new revenue stream to the division.
The Group will deploy 3 upgraded supertrawlers to the South Pacific Ocean for this purpose.
The Management is also in active negotiation to restructure the terms of the Group's 4th Vessel Operating Agreement from a daily rental hire to a prepaid charter hire basis, which is aimed at reducing the amount of charter hire payable on an annual basis. With these developments in place, we are confident of generating new growth in our business. We should see better year-on-year performance for PAH in FY2008, concluded Mr Ng. |
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