October 23, 2013

Zhangzidao Group's profit fell 71% in first three quarters of 2013

According to Dalian Zhangzidao Fishery Group Co., Ltd.'s (Zhangzidao Group) profit plummeted by 71% on-year for the first three quarters of 2013, citing low scallop harvest as the main reason for the fall.

In the first three quarters of 2013, Zhangzidao Group's revenue reached RMB1.87 billion (US$307.26 million), a slight increase of 1.16% on-year; while its net income totalled RMB63.04 million (US$10.36 million), a steep decline of 71% on-year. 

In the third quarter alone, Zhangzidao Group's net income stayed at RMB10.33 million (US$1.70 million), slipping by a whopping 83% compared to the same period of 2012.  

As a major aquaculture company in China, Zhangzidao Group is engaged in marine fisheries and seafood processing.