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China Fishery's Q2 profit down 75.5%

Fiona Lam
Published Mon, May 11, 2015 · 09:50 PM

Singapore

AS forewarned, second-quarter earnings for industrial fishing firm China Fishery Group and parent Pacific Andes Resources Development were dragged down by reduced catch at a major Peruvian fishery.

China Fishery posted on Monday a 75.5 per cent slump in net profit from US$17.4 million a year ago to US$4.3 million for the quarter ended March 28, 2015, due to the Peruvian government's closure of the North Centre anchovy fishery for last year's November-January fishing season.

As a result of the closure and the temporarily warm waters in the April-July season, "there was virtually no production of fishmeal or fish oil" in the first-half period, …

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