Fishmeal operations lifts Pacific Andes profit

Singapore

FULL-YEAR net profit for global frozen fish supplier Pacific Andes Resources Development (PARD) has jumped 27.5 per cent, thanks to the expanded Peruvian fishmeal operations at its subsidiary, industrial fishing company China Fishery.

PARD's net attributable profit rose to HK$953 million (S$160 million) for the year ended Sept 28, from HK$748 million for the previous year, the group reported in a statement to Singapore Exchange on Saturday.

This was despite a 7.3 per cent drop in revenue to HK$8.13 billion from HK$8.76 billion the year before, due to a 27.7 per cent fall in sales volumes from the frozen fish division. That was offset by higher contributions from its Peruvian fishmeal operations to …