May 24, 2006

Seafood supplier Pacific Andes doubles profit for the fiscal year

Global seafood company Pacific Andes' net profit jumped a whooping 138 percent to US$55.5 million in the fiscal year ended Mar 2006.

Turnover jumped 23 percent growth to US$468.3 million, as demand surged for frozen fish in China.

Higher prices and increased operational efficiency also helped boost profits.

Sales rose in all the company's markets, except Japan.

Pacific Andes owns more than one third of China Fishery Group, which gained US$23.2 million in profits this year.

The company expects strong demand from China to continue for the rest of the year.

China Fishery's expansion plans into Peru and South America are also expected to give strength to the company's earning potential.