Qian Hu records $88,000 profit in Q3

ORNAMENTAL fish seller Qian Hu Corporation reported a net profit of $88,000 for its third quarter ended Sept 30, reversing from a $10.1 million loss the same period a year ago caused by its disposal of its Malaysian subsidiary, mass-market dragon fish breeder Kim Kang Aquaculture.

The improved financial results were also the result of higher operating margins for its fish business, compared to a year ago, when an oversupply of dragon fish caused intense price competition. Revenue for the quarter was $20.5 million, down 5.5 per cent from $21.7 million a year earlier.

This stemmed from reduced revenue from Kim Kang's disposal, which was partially offset by higher sales volume of dragon fish in China, rising contributions from a new Indonesian subsidiary and increased exports.