HQSM third quarter sales down 1.4 percent

HQ Sustainable Maritime Industries (HQSM), an all natural integrated aquaculture and aquatic product processing company, reported its third quarter sales fell by 1.4 percent on-year to US$22.2 million.

The Aquaculture Product segment accounted for US$14 million in sales, down seven percent from US$15.1 million in the same period last year.

Sales from the Health and Bio-product segment were US$8.1 million, up 10 percent from US$7.3 million for the third quarter of 2008.

Gross profit for the third quarter of 2009 increased five percent on-year to US$10 million.

Operating income for the third quarter decreased to US$4.9 million, from US$6.5 million in September 2008, mainly due to potential losses in the company's receivables in its health and bio-product segment which had not materialised to date, as well as an increase in advertising and marketing expenses within the same segment.

EBITDA for the quarter decreased 27 percent on-year to US$5.2 million.

Net income for the third quarter was US$4 million compared to US$5.6 million for the third quarter of 2008.