PACIFIC ANDES RESOURCES DEVELOPMENT delivers continued growth in 3QFy2011
Singapore Exchange Mainboard-listed Pacific Andes Resources Development Limited ("PARD" or the "Company")(SGX: P11.SI), a leading global frozen fish supplier with an integrated supply chain spanning industrial fishing, global sourcing and ocean transportation, today reported its results for the third quarter ("3QFY2011") and nine months ("9MFY2011") for the financial year ending 28 September 2011, reports www.megafishnet.com with reference to the Company.
|HK$ Million||3Q FY2011||3Q FY2010||% Change||9M FY2011||9M FY2010||% Change|
|Net profit attributable to owners of the Company||254.8||217.9||+17.0||626.4||663.4||(5.6)|
- Sales in frozen fish SCM division strongly boosted by African market
- Fully utilised its Peruvian fishing quota in the 2011 first fishing season with catch volume up by 56.6%
- Positive outlook for both business divisions with satisfactory results expected for full year FY2011
In 3QFY2011, PARD recorded revenue growth of 32.5% to HK$2,965.4 million on the back of stronger contributions from both the frozen fish supply chain management ("frozen fish SCM") and fishing divisions. Gross profit increased by 19.0% to HK$698.0 million in tandem with higher revenue. Earnings before interest, tax, depreciation and amortisation ("EBITDA") up 25.7% to HK$750.3 million and profit attributable to owners of the Company was up by 17.0% to HK$254.8 million.
Revenue from the frozen fish SCM division, which accounted for 50.0% of revenue, was up by 49.1% to HK$1,483.2 million following stronger sales in the People's Republic of China ("PRC") and Africa. Revenue from the fishing division, which accounted for the other 50.0% of total revenue, increased by 19.2% to HK$1,482.2 million following stronger revenue contribution from the Peruvian fishmeal operations and the factory vessel fleet.
The Company had fully utilised its fishing quota in the 2011 first fishing season in Peru, thereby achieving higher production volume of fishmeal and significantly higher level of fishmeal and fish oil inventory at the end of the quarter. The Company deployed two fishing vessels from its factory vessel fleet to operate in the South Pacific during the quarter under review, whilst the rest of the vessels continue to operate in the North Atlantic Ocean, thereby maximising its utilisation of its factory vessel fleet and generating higher revenue.
In 9MFY2011, PARD recorded revenue growth of 14.8% to HK$7,153.5 million. Gross profit increased by 9.8% to HK$1,695.0 million. EBITDA increased by 12.6% to HK$1,810.6 million. Profit attributable to owners of the Company decreased by 5.6% from HK$663.4 million to HK$626.4 million due mainly to lower net profit contribution from the fishing division as a result of the dilution effect after a share placement by China Fishery Group Limited in July 2010.
Commenting on PARD's outlook, Chairman and Executive Director, Mr. Ng Joo Siang said: "With the persistent strong demand for fishmeal in the PRC market, we expect fishmeal and fish oil price to remain strong. We intend to capitalize on this by releasing the significantly high fishmeal and fish oil inventory in the next quarter."
"Our frozen fish SCM division is rapidly expanding its business in the African market, with sales to the region recording a year-on-year growth from HK$62.4 million to HK$467.9 million. Propelled by growing demand for frozen fish in Africa, we expect its sales to Africa to grow further. "
"With continuing strong demand for our fish products, as well as our commitment to continue to search for new and sustainable fishing grounds with rich resources, we believe that the PARD is well-positioned to sustain long term growth and deliver positive results for the current financial year," Mr. Ng concluded.
|Investor Contact Pacific Andes Resources Development Limited KatieTsui Investor Relations Manager Direct : +852 2589 4191 Email : firstname.lastname@example.org||Media Contact Weber Shandwick in Singapore Gerry Wong Direct: +65 6825 8069 Mobile: +65 9247 4963 Email: email@example.com|
About Pacific Andes Resources Development Limited
Pacific Andes Resources Development Limited ("PARD") is a leading global frozen fish supplier with an integrated supply chain, spanning industrial fishing, global sourcing and ocean transportation. With a strategic focus on the development, marketing and distribution of marine resources, PARD leverages on the People's Republic of China ("PRC") as an ideal logistics and product trading hub, and is currently the PRC's largest supplier of imported frozen fish in respect of the specific species it supplies.
Over the past 10 years, PARD's revenue and net profit recorded a CAGR of over 19% and 37% respectively. Listed on the Singapore Stock Exchange in October 1996, under the symbol P11.SI, PARD is now a component of the FTSE ST Mid Cap Index.