Pacific Andes FY net profit up 27.5%; unit China Fishery sees 20.3% net profit drop

Full-year net profit for global frozen fish supplier Pacific Andes Resources Development (PARD) has jumped 27.5 per cent thanks to the expanded Peruvian fishmeal operations at its subsidiary, industrial fishing company China Fishery.

PARD's net attributable profit rose to HK$953 million (S$160 million) for the year ended September 28, up from HK$748 million in the previous year, the group reported in a statement to the Singapore Exchange on Saturday.

This was despite a 7.3 per cent drop in revenue to HK$8.13 billion from HK$8.76 billion the year before, due to a 27.7 per cent drop in sales volumes from the frozen fish division. That was offset by higher contributions from its Peruvian fishmeal operations to PARD's fishery and fish supply business segment.

The expanded Peruvian fishmeal operations - more Peruvian Anchovy was harvested and more fishmeal and fish oil produced and sold - also led to a 13.7 per cent gain in China Fishery's own full-year revenue of US$630.8 million (S$820 million), up from FY2013's US$555 million.

But that did not translate into a higher net profit, which fell 20.3 per cent to US$61.9 million from FY2013's US$77.7 million. This was due to higher finance costs and income tax expenses.