Pacific Andes Q1 profit drops 48% to HK$103.8m

EARNINGS for frozen fish supplier Pacific Andes Resources Development (Pard) fell 48 per cent for the first quarter ended Dec 31, 2013, despite revenue contribution from newly acquired Copeinca.

The lower bottom line came as sales suffered in other segments and operating expenses - some of which related to the acquisition - swelled.

Net profit for the quarter fell to HK$103.8 million (S$17 million) from HK$199 million a year ago. This translates to earnings per share of 2.17 Hong Kong cents, down from 4.15 Hong Kong cents.