Oceanus in the red with 8.4m yuan Q1 loss

SEAFOOD value chain manager Oceanus Group sunk into the red in the first quarter of 2018, posting a net loss of 8.4 million yuan (S$1.77 million), compared with net profit of 34.8 million yuan in the preceding year.

For the three months ended March 31, revenue dived 23.6 per cent to 5.5 million yuan from the previous year, as an industry-wide fluctuation in juvenile prices hit its live marine products segment revenue.

The group's consultancy segment continued to contribute revenue from aquaculture consultancy services, as well as revenue from the first time from a recently-established marketing and media consulting subsidiary, Capy Comm. Each of these contributed less than 5 per cent to Oceanus' revenue in the quarter.

Loss per share stood at 0.03 RMB cents, from earnings per share of 0.76 RMB cents in the previous year.

Oceanus shares ended unchanged at S$0.01 on Monday.