Qian Hu's Q4 net profit falls 63.5%

Singapore

ORNAMENTAL fish seller Qian Hu Corporation reported on Friday that its net profit for the fourth quarter ended Dec 31, 2018 fell 63.5 per cent to S$46,000, compared to S$126,000 a year ago due to intense rivalry and higher operating cost. Revenue for the quarter fell 6.2 per cent to S$20.7 million, from S$22 million a year ago, dented by lower sales of fish and accessories.

Qian Hu, which exports over 1,000 species and varieties of ornamental fish to more than 80 countries, saw fish sales fall 13.2 per cent on year to S$7.6 million, impacted by intense price competition in its prized Dragon Fish, a premium brand among the rich in China seeking new, exotic status symbols.