China Fishery's Q2 profit down 75.5%

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.