Qian Hu reverses loss, posts H2 FY2021 earnings of S$863,000

MAINBOARD-LISTED Qian Hu BCV : BCV 0% Corporation has managed to post a profit for the half year to December 2021, reversing a net loss a year ago.

The fish vendor, in a regulatory filing on Wednesday (Jan 12), posted earnings of about S$863,000 for the second half of FY2021, compared to a loss of S$927,000 for H2 FY2020.

But its top line dropped marginally to S$40.3 million from S$42 million, as there were no backlog orders to be delivered in H2 FY2021. Qian Hu was severely hit when air traffic was curtailed in H1 FY2020 as the pandemic started to unfold.

Resumption of air traffic later allowed the company to fulfil backlog orders in H2 FY2020.

Qian Hu said that it is very dependent on the operations and availability of air cargo for its fish exports. Over half of its revenue was generated from outside Singapore.

Earnings per share stood at 0.76 Singapore cent for H2 FY2021, versus loss per share of 0.82 cent previously.

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Net asset value as at Dec 31, 2021 was 44.60 Singapore cents per share, up marginally from 43.81 cents as at end-December 2020.

For the full year, Qian Hu posted earnings of S$1.7 million, a swing from a net loss of about S$1.5 million in FY2020. Turnover improved 6.3 per cent year on year to S$80 million, from S$75.2 million previously.

With the improved earnings, Qian Hu is proposing a first and final dividend of 0.3 Singapore cent, up from 0.2 cent a year ago. Payment, subject to approval by shareholders, will be made on Apr 26.

The vendor expects that it will be able to improve its top line and be profitable for FY2022.

Qian Hu released its results post-trading; its shares closed flat at S$0.215 on Wednesday.