PACIFIC ANDES RESOURCES DEVELOPMENT Continues steady growth

May 12, 2010 09:40
 

HK$ Million

2Q FY2010

2Q FY2009

Change

1H FY2010

1H FY2009

Change

Revenue

2,426.9

2,320.5

+4.6%

3,990.9

3,882.6

+2.8%

Gross profit

645.4

555.0

+16.3%

956.8

844.4

+13.3%

EBITDA

667.1

607.0

+9.9%

983.2

899.1

+9.3%

Net profit*

483.6

463.8

+4.3%

634.1

596.4

+6.3%

* Excluding one-off income from the repurchase of convertible bonds and non-cash provision of impairment of two fishmeal plants in Peru
  • Further improvements in gross profit margin to 26.6% from 23.9% on enhanced operating efficiencies and economies of scale
  • Positive outlook for both the fish SCM division and the fishing division

Singapore Exchange Mainboard-listed Pacific Andes Resources Development Limited ("PARD" or the "Group") (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 second quarter ("2QFY2010") and half year results ("1HFY2010") for the financial year ending 28 September 2010, reports www.megafishnet.com with reference to Pacific Andes.

PARD recorded a growth of 2.8% in revenue to HK$3,990.9 million in 1HFY2010 from HK$3,882.6 million in the same period last year. Gross profit increased by 13.3% to HK$956.8 million in 1HFY2010 from HK$844.4 million, while the Group's gross profit margin increased to 24.0% from 21.8%, a reflection of efficiencies of scale and the positive impact of the Group's ongoing initiatives to improve operating efficiencies. Excluding one-off income from the repurchase of convertible bonds and non-cash provision of impairment of two fishmeal plants, net profit increased by 6.3% to HK$634.1 million from HK$596.4 million. As at the end 1HFY2010, the Group's net debt to equity ratio improved to 66.5% from 72.1%.

In 1HFY2010, revenue from the frozen fish supply chain management ("frozen fish SCM") division rose 4.3% to HK$1,841.8 million from HK$1,765.6 million as sales increased in line with the growing demand for fish. Revenue from the fishing division increased by 1.5% to HK$2,149.1 million from HK$2,116.9 million in 1HFY2009. Higher revenues were driven by buoyant sales from the North Pacific trawling operations, while fishmeal sales dropped due to lower carried-forward inventory for sale from the last quarter.

The PRC continued to be the Group's largest market in 1HFY2010, accounting for 80.9% of total revenue, followed by Europe with 9.7% and East Asia contributing 7.1%. The remaining 2.3% comes from sales to other markets globally.

Commenting on the Group's outlook, Executive Director and Chairman, Mr. Ng Joo Siang said: "We continue to be positive about the growth potential of both our frozen fish SCM and fishing divisions. Our frozen fish SCM division is set to benefit from worldwide growth in demand for fish, particularly in the PRC, where demand for fish as a healthy source of protein continues to grow. We will continue to focus on strengthening our distribution in the PRC as well as in Eastern Europe and Africa to further increase the sales volume of frozen fish."

"Our fishing division is also well-placed for continued growth, with a significant contribution expected from the South Pacific operations, where the major fishing season has just begun, and continues to October. Further benefits are expected to arise from higher fishmeal prices, and our higher Peruvian quota share following the acquisition of a Peruvian fishing company early this month. Higher operating efficiency in the North Pacific is also expected, due to a higher expected catch volume. The Group will continue to explore and seize acquisition opportunities to consolidate its position in the global fishing industry."

"With clear strategies in place, and a strong drive to continue achieving better economies of scale and operating efficiencies, we are well-positioned to benefit from the rising global demand for fish products." Mr. Ng concludes.

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