Pacific Andes Resources Development, the global frozen fish supplier, says it recorded stable revenue of HK$1,564.0 million ($285 million) for the first quarter of the financial year ending 28 September 2010 (1QFY2010) compared to HK$1,562.1 million in the same period last year.

Revenue from the frozen fish supply chain management division, which accounted for 49.4% of turnover, rose 3.1% to HK$772.9 million from HK$750.0 million due to an increase in sales volume.

Revenue from the fishing division, which accounted for 50.6% of total revenue, dropped 2.6% to HK$791.1 million from HK$812.1 million.

The increase in revenue from the North Pacific trawling operations as a result of the group’s strategic decision to defer usage of fishing quota from the previous quarter to 1QFY2010 was offset by lower revenue recorded from fishmeal sales due to lower sales volume despite higher fishmeal price.

Fishmeal sales volume fell as the group had a significantly lower level of carry-over inventory available for sales during the quarter, plus most of this quarter’s fishmeal production was retained as inventory for sale in 2QFY2010.

Gross profit increased by 7.6% to HK$311.4 million from HK$289.4 million, due mainly to higher operating efficiencies achieved by the fishing operations. Net profit grew 13.5% to HK$150.5 million (from HK$132.5 million) while net profit attributable to owners grew 15.2% to HK$100.4 million (from HK$87.1 million).