Chinese Pacific Andes posts increase in profits

Chinese frozen seafood supplier Pacific Andes said its net profit rose 2.4% on the year to HKD671.4 million (US$86.3 million) in the first half to March 28 this year.

Revenue increased 8.3% to HKD6.18 billion (US$0.79 billion) as sales in the processing and distribution business, which accounted for 35.1% of the total, jumped 26.6% to HKD2.17 billion (US$0.28 billion) and sales in the fishing segment rose 1.5% to HKD2.15 billion (US$0.28 billion). Sales in the frozen fish division fell 0.8% lower to HKD1.84 billion (US$0.24 billion).

Sales in China increased 3.1% to HKD3.32 billion (US$0.43 billion).

The company expects growth in all of its segments although export prices are on the rise with the depreciation of the euro. It said it foresees stable demand for frozen seafood in Europe.