Revenue in 3Q17 grew 14.4% to $22.5 million from $19.6 million a year ago, on the back of growth in revenue across all its business segments.
Revenue from its fish business was up 17.4% to $9.0 million, led by maiden contributions from its new edible fish aquaculture business in Hainan, as well as continued improvements to Dragon Fish sales.
Revenue from its accessories business increased by 13.7% to $10.4 million, on the back of an expanding overseas reach.
Revenue from its plastics business grew 8.9% to $3.1 million, mainly due to the expansion of its customer base and a different product mix.
As at end September, cash and cash equivalents stood at $9.3 million.
“We are pleased that our new business of edible fish farming in Hainan has contributed to the group’s earnings so soon after its commencement, despite the initial startup expenses,” says Kenny Yap, Qian Hu’s executive chairman and managing director.
“We are off to a very good start, and we look forward to its full-year contribution in FY2018, even as our other core businesses continue to improve.”
“We intend to excel in this new area of sustainable farming for the consumer markets in China, as our Edible Fish business has the potential of being many times bigger than our existing Ornamental Fish business,” he adds.
Shares in Qian Hu closed 1 cent higher at 16 cents on Tuesday.
