Ng Joo Siang, PARD’s Chairman and Executive Director. (Photo: FIS Stock)
HONG KONGTuesday, November 25, 2014, 01:30 (GMT + 9)
Leading global frozen fish supplier Pacific Andes Resources Development Limited (PARD) recorded a year-on-year growth in gross profit amounting to 25.9 per cent and to 26.9 per cent in the EBITDA for its financial year ended 28 September, which the group relates to the expanded Peruvian fishmeal operations at its subsidiary, industrial fishing company China Fishery.
Besides, the Group’s net attributable profit rose to HKD 953 million (USD 122.8 million) for the analysed period, changing from HKD 748 million (USD 96.4 million) in the previous year (27.5 per cent).
“We are pleased to see such strong growth in both gross and net profit. As our business transforms into one with a focus on the production of fishmeal and fish oil, we are well placed to benefit from anticipated growth in global aquaculture which has been revised upwards by FAO from 2.54 per cent to 4.14 per cent per annum through 2022,” pointed out Ng Joo Siang, PARD’s Chairman and Executive Director.
The Group’s CEO also explained that their operating profit is benefiting from synergies and efficiencies as they integrate their expanded Peruvian fishmeal operations.
The Group also reported revenue from the fishery and fish supply division accounted for 60.6 per cent of total revenue, changing from HKD 4,329.1 million (USD 557.9 million) in the previous financial year to HKD 4,920.5 million (USD 634 million) this year.
This 13.7 per cent increase was mainly attributed to contribution from the enlarged Peruvian fishmeal operations, which was partially offset by the drop in sales from the Contract Supply Business following the termination and non-renewal of the Long Term Supply Agreements.
In addition, the revenue from the Frozen Fish SCM Division accounted for 39.4 per cent of total revenue, representing a 27.7 per cent drop from HKD 4,435 million (USD 571.5 million) to HKD 3,205.5 million (USD 413.1 million).
The Group is confident that despite a delayed start of the 2014 second fishing season and the reduction of the total allowable catch, global demand for fishmeal and fish oil for aquaculture and farmed animal production will be a key driver of future growth.