Frozen Fish Come Through for Pacific Andes
summary：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....
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.