Mainboard-listed Pacific Andes Resources Development, the global frozen fish supplier with an integrated supply chain spanning industrial fishing, global sourcing and ocean transportation, says net profit attributable to equity holders grew 5.5% to HK$773.1 million ($130.5 million) for the full year ended 28 September 2010 (FY2010).

Due to effective cost management and higher operating efficiencies, net profit margin improved from 13.1% to 14.8%.

The higher profitability was driven by a higher contribution from the group’s fishing division, which achieved 11.0% growth in revenue from HK$3,787.3 million to HK$4,203.6 million. The increase was mainly driven by higher selling prices for fishmeal, higher catch volume in the North Pacific trawling operation and the first full year revenue contribution from the South Pacific operation. The fishing division contributed 56.6% of total revenue.

Sales from the frozen fish supply chain management division, which contributed 43.4% of the group’s revenue, softened by 15.5% from HK$3,822.8 million to HK$3,228.7 million.