Steering Oceanus Group out of troubled waters

Singapore

THREE years after Peter Koh stepped in to helm the troubled abalone producer, Oceanus Group is on its way out of storm-tossed waters.

The group chief executive has made good on his plan when he joined in end-2014 to cut costs, clean up the balance sheet and grow the company's profits by end 2017.

For its financial year ended Dec 31, Oceanus turned its first net profit attributable to shareholders in five years, of 176 million yuan (S$36.8 million). It is in a positive net cash position, of 114 million yuan, for the first time in seven years.

Mr Koh said…