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Hot stocks: Pacific Andes, China Fishery among actively traded stocks
PACIFIC Andes Resources Development and its subsidiary, China Fishery Group, are among the most actively traded stocks on Singapore Exchange on Tuesday.
The two stocks saw more than 75 million shares traded altogether.
At 03:47pm, Pacific Andes, a distributor of seafood, was trading around S$0.068 a share, up 0.3 cent or 4.6 per cent. More than 47 million shares changed hands, making it the most actively traded stock on the exchange.
China Fishery, an industrial fishing group, was trading around S$0.205 a share, up 0.7 cent, or 3.5 per cent, on more than 28 million shares. It is the third most actively traded stock.
On Monday, China Fishery said its net profit for the second quarter ended March 31, 2015, fell 75.5 per cent to US$4.3 million year on year, due to the impact of the Peruvian government's closure of the north-centre fishery. Revenue fell 57 per cent to US$76.7 million from US$180 million in the year-ago period.
Its parent, Pacific Andes, reported a 74 per cent drop in net profit to HK$46 million (S$7.9 million) in the second quarter from HK$174 million a year ago. Revenue fell 41 per cent to HK$1.32 billion from HK$2.23 billion.
China Fishery said its net-debt-to-equity ratio has improved from 102 per cent in March 2014 to 73 per cent as at March 28, 2015, well ahead of target. The completion of its rights issue and redemption of the Copeinca notes will bring about a further reduction in gearing levels.