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SINGAPORE : Singapore mainboard-listed Qian Hu Corporation has booked a 32 per cent jump in first-half earnings. Net profit for the six months to end-June came in at S$2.8 million.
Sales of ornamental fish grew 5.2 per cent to S$23.4 million due to strong demand for its inhouse-bred Dragon Fish from key markets of China, Taiwan and Japan.
The group is currently exporting to more than 75 countries worldwide and is expecting to expand its customer base across more than 80 countries in the next few years.
In the second quarter of 2008 alone, the group's revenue rose 5.1 per cent to S$23.6 million, generating net profit growth of 30.6 per cent to S$1.5 million.
Qian Hu said that its profits are not affected by rising inflation cost of fish food.
Kenny Yap, Executive Chairman and Managing Director, Qian Hu Corporation, said: "The food cost for ornamental fish is relatively not as costly as compared to (that for) catfish breeders or maybe sea bass breeders.
"If you keep an ornamental fish, you'd better not feed them everyday. Because if they are very fat, it's an ugly fish. Because they are beautiful, they are ornamental. So the fish food cost to the ornamental fish food industry is not that important as compared to edible fish." - CNA/ms
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