Qian Hu Corporation, the ornamental fish breeder, reported a 45.5% drop in 2Q15 earnings of $12,000 from a year ago.
In the three months to June, the group saw a 5% decline in revenue to $20 million, due to the persistently sluggish global economy.
Sales of ornamental fish were down 15.4% to $7.8 million due to the financial crisis in Greece which affected the purchasing sentiment of European customers.
In addition, fish exports to Russia also declined due to the sanctions and weaker oil prices that took a toll on its economy.
Sales of accessories remained stable at $9.4 million while the plastics business saw a jump of 13% in sales to $2.9 million due to the stabilisation of selling prices in the market which spurred greater demand for its products.
For the first half of FY15, Qian Hu posted earnings of $124,000 on revenue of $40.8 million.
As at June 30, 2015, the group’s cash and cash equivalents stood at $7.7 million.
““While we are waiting for market conditions to improve, the group is responding to these unprecedented economic and geopolitical challenges by continually seeking to diversify our customer base and markets... Barring unforeseen circumstances, the group will continue to grow its revenue and be profitable in FY2015,” said Kenny Yap, Qian Hu’s Executive Chairman and Managing Director.
Year to date, Qian Hu’s shares have fallen 21.5% to close at 6.2 cents today.
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In the three months to June, the group saw a 5% decline in revenue to $20 million, due to the persistently sluggish global economy.
Sales of ornamental fish were down 15.4% to $7.8 million due to the financial crisis in Greece which affected the purchasing sentiment of European customers.
In addition, fish exports to Russia also declined due to the sanctions and weaker oil prices that took a toll on its economy.
Sales of accessories remained stable at $9.4 million while the plastics business saw a jump of 13% in sales to $2.9 million due to the stabilisation of selling prices in the market which spurred greater demand for its products.
For the first half of FY15, Qian Hu posted earnings of $124,000 on revenue of $40.8 million.
As at June 30, 2015, the group’s cash and cash equivalents stood at $7.7 million.
““While we are waiting for market conditions to improve, the group is responding to these unprecedented economic and geopolitical challenges by continually seeking to diversify our customer base and markets... Barring unforeseen circumstances, the group will continue to grow its revenue and be profitable in FY2015,” said Kenny Yap, Qian Hu’s Executive Chairman and Managing Director.
Year to date, Qian Hu’s shares have fallen 21.5% to close at 6.2 cents today.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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