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Oceanus reports first profit in five years; turns net cash positive

Michelle Zhu
Michelle Zhu3/1/2018 06:15 PM GMT+08  • 2 min read
Oceanus reports first profit in five years; turns net cash positive
SINGAPORE (Mar 1): Oceanus Group has reported its first full-year profit in five years.
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SINGAPORE (Mar 1): Oceanus Group has reported its first full-year profit in five years.

The producer of live and processed marine products reported full-year earnings of RMB176.1 million ($36.8 million) in FY17 from a loss of RMB62.2 million in FY16 on higher one-off items.

Oceanus reported non-operating income of RMB243.8 million over the year as compared to none in FY16 mainly due to RMB94 million compensation received in relation to the disposal of the group’s Gulei Farms to the China government, as well as a reversal of derivative liabilities worth RMB150 million with the cancellation of warrants as at Dec 31 2017 due to the completion of a debt restructuring exercise.

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