Pacific Andes profit up 23.5% at HK$775.2m

FROZEN fish supplier Pacific Andes Resources Development posted a net profit of HK$775.19 million (S$125.2 million) for the full year ended Sept 28, 2013, up 23.5 per cent from HK$627.66 million a year earlier.

The results included a maiden one-month contribution from Copeinca ASA, in which the group acquired a 99.1 per cent stake on Aug 30. The acquisition resulted in the group becoming the largest holder of Peruvian anchovy quota and a leading producer and exporter of fishmeal and fish oil in the world.

Revenue was HK$8.7 billion, a 9.2 per cent decline from HK$9.58 billion in FY2012. This was attributed to the fall in revenue from the frozen fish SCM division as a result of the lower average selling price of products.