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SINGAPORE: Mainboard-listed frozen fish supplier Pacific Andes said its first quarter net profit rose 15.2 per cent to S$18.3 million (HK$100.4 million).
This was on the back of a marginal 0.1 per cent increase in revenue to S$285.5 million for the three months ended December.
Pacific Andes said during the quarter, its fishing division acquired one additional catcher vessel and completed the balance payment for the refurbishment of the factory vessel for its South Pacific operations.
Looking ahead, the company said its frozen fish supply chain management division will continue to ride the growth in demand for frozen seafood products in China due to rising affluence and the increasing population there.
The firm also has plans to continue expanding its distribution network in Europe and Africa to increase the sales volume of frozen fish.
- CNA/yb
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