Frozen Fish Come Through for Pacific Andes
Sales were off at Pacific Andes Resource Development (PARD), subsidiary of Hong Kong-based Pacific A…Sales were off at Pacific Andes Resource Development (PARD), subsidiary of Hong Kong-based Pacific Andes International Holdings Limited, but frozen fish revenues were up, and so were net profit and EBITA for the company.
PARDs revenue dropped by 1.4% to HK$D 9.6 billion (US$ 1.239 billion) mainly because of a 11.9% drop in revenue from the fishery and fish supply division, but that was partially counteracted by a 11.5% rise in revenue from the frozen fish SCM division. EBITDA jumped by 10.7% to HK$ 2.5 billion (US$ 322.5 million), while net profit climbed by 0.8% to HK$ 627.7 million (US$ 80.9 million).
Revenue from the frozen fish SCM Division, which accounted for 50.8% of total revenue, jumped to HK$ 4.9 billion (US$ 632.2 million), due mainly to higher sales volumes. Revenue from the fishery and fish supply division, which made up 49.2% of total sales, slid to HK$ 4.7 billion (US$ 606.4 million). PARD has processing units in China, Japan, United States and Peru.
