Mainboard-listed industrial fishing company China Fishery Group says net profit rose 7.9% y-o-y to US$19.7 million ($25 million) for the first quarter of the financial year ending 28 September 2011 (1QFY2011).

Group revenue rose 13.4% to US$115.1 million from US$101.4 million in the same period last year.

Trawling and Peruvian fishmeal operations accounted for 90.6% and 9.4% of total revenue respectively.

In terms of profitability, gross profit rose 26.3% to US$42.7 million due to higher revenues and improvements in operational efficiency in both trawling and fishmeal operations as well as the increased revenue.

North Pacific trawling operations recorded revenues of US$68.9 million, down 20.7% from US$86.9 million last year, the result of lower selling prices due to an increase of global supply of the group’s major catch species.

The group’s Peruvian fishmeal operations recorded a decrease in sales by 18.5% to US$10.8 million from US$13.3 million mainly due to lower carry-over inventories available for sale.