Industrial fishing company China Fishery Group revenue rose 7.9% to US$383.4 million ($530 million) over a 9-month period from Jan 1 to Sept 28, after the change of financial year-end from Dec 31 to Sept 28.

Net profit rose 0.1% to US$78.1 million from US$78 million.

This came on the back of an increase in both catch volume and fish prices in its trawling operations, as well as higher sales of its fishmeal inventory.

Trawling operations reported a revenue growth of 8.8% to US$292.3 million due to an increase in both catch volume and fish prices.

Revenue for fishmeal and fish oil operations increased 5.3% to US$91.2 million despite lower fishmeal and fish oil prices, as a result of higher sales from inventory.

Trial operations in the South Pacific Ocean since June contributed maiden revenue of US$7.8 million.

China Fishery says gross profit rose 5.8% to US$127.6 million in tandem with revenue growth. Basic earnings per share was US$9.08 cents.

The board of directors has recommended a final dividend of 4.2 cents per share for the nine months ended Sept 28. The dividend will be payable in cash along with a scrip dividend alternative.

The group continues to improve its financial position with net debt to equity ratio improving from 92.2% to 84.3% despite the US$85 million new bank loans raised to fund the South Pacific expansion. The group’s cash and cash equivalent as at Sept 28 amounted to US$17.3 million.