Mainboard-listed Pacific Andes Resources Development (SGX: P11.SI), global integrated frozen fish supplier, today reported its results for the third quarter (3QFY2010) and nine months (9MFY2010) for the financial year ending 28 September 2010.

Pacific Andes Resources Development says it posted revenue growth of 5.5% in 9MFY2010 to HK$6,228.8 million ($1.09 billion) from HK$5,905.8 million in the same period last year.

Gross profit increased by 24.4% from HK$1,240.8 million to HK$1,543.5 million, while the Group’s gross profit margin increased from 21.0% to 24.8%, a reflection of economies of scale and the positive impact of the Group’s ongoing initiatives to improve operating efficiencies. The group’s net profit increased by 10.8% from HK$847.6 million to HK$939.4 million.

In 9MFY2010, revenue from the fishing division, which accounted for 54.5% of total revenue, increased by 14.8% from HK$2,954.9 million to HK$3,392.3 million. The revenue increase was mainly driven by higher catch volumes from the North Pacific trawling operations, as well as higher selling prices for fishmeal products.

Revenue from the frozen fish supply chain management division, which accounted for 45.5% of revenue, dropped by 3.9% from HK$2,950.9 million to HK$2,836.5, primarily due to lower sales volume.

China remained the group’s largest market in 9MFY2010, accounting for 83.0% of total revenue, followed by Europe with 7.4% and East Asia contributing 7.0%. The remaining 2.6% comes from sales to other markets globally.