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Qian Hu reports S$142,000 net profit for Q3
ORNAMENTAL fish seller Qian Hu Corporation has recorded its strongest results this year with a S$142,000 net profit for its third quarter ended Sept 30, 2017. This was up from S$5,000 a year ago.
Revenue was up 14 per cent to S$22.5 million, from S$19.6 million a year ago, due to growth across all its business segments of fish, accessories and plastics. Operating profit increased substantially in percentage terms.
"We are pleased that our new business of edible fish farming in Hainan has contributed to the group's earnings so soon after its commencement, despite the initial start-up expenses," said executive chairman Kenny Yap.
Separately, the company, which is on the Singapore Exchange's minimum trading price (MTP) watchlist, added that it is not the appropriate time to make a decision on the options available to it to meet the MTP exit criteria. This is given "current tepid market conditions and uncertainty in the global economy".
Qian Hu last traded at S$0.16, up a cent or 6.7 per cent, before results were out.