Stock Earning: Pacific Andes FY net profit jumped 66.4%!

Pacific Andes International Holdings Ltd said its year to March net profit jumped 66.4 pct year-on-year to 257.38 mln hkd on the back of strong demand for fish in China. Sales for the period grew 22.9 pct to 3.55 bln hkd. "The significant growth is attributed to strong demand particularly in China, better selling prices, higher net contribution from China Fishery's strong performance and increasing operational efficiency upon integration with China Fishery's upstream activities," Pacific Andes said in a statement. The company said it recorded an exceptional gain of 81.3 mln hkd in the fourth quarter to December 2005 from the listing of its unit China Fishery on the Singapore Stock Exchange. Pacific Andes has a 31.1 pct stake in China Fishery. "China Fishery has quickly put its IPO net proceeds to earnings-accretive use in executing its expansion plans. This will in turn enhance the Group's consolidated earnings and shareholder returns going forward," Pacific Andes managing director Frank Ng said in a statement.