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Qian Hu's Q1 profit up 200% at S$36,000
MAINBOARD-LISTED integrated ornamental fish service provider Qian Hu Corporation saw its net profit for the first quarter of 2017 lift.
Profits for the three months ended March rose 200 per cent to S$36,000, from S$12,000 a year ago.
This was achieved on the back of a 10 per cent jump in group revenue to S$21.58 million, from S$19.61 million in the previous year - largely due to higher contributions from all of its core business segments, particularly, ornamental fish and accessories.
In the latest first quarter earnings released on Monday, the group's earnings per share rose to 0.03 Singapore cent, a gain from 0.01 Singapore cent as at March 31.
Kenny Yap, Qian Hu's executive chairman and managing director, said: "Over the years, Qian Hu has demonstrated its resilience by transforming itself in order to stay ahead of the competition and to strengthen its fundamentals. We will continue to focus on innovation to expand our product pipeline - particularly in the areas of filtration, fish nutrition and genetic breeding of unique Dragon Fish."
He added that Qian Hu is "working hard at building our new aquaculture business, which is, the sustainable farming of edible fish for the consumer market".
"We envisage that the aquaculture business has the potential of being many times bigger than our existing businesses, if we execute it correctly. All these initiatives will continue to position us favourably as we move ahead to achieve our vision of being the world's largest ornamental fish company," he said.