Thanks to higher sales from both its ornamental fish and edible fish businesses, Qian Hu Corp has reported earnings from this business of $1.3 million for the six months ended June 2021, versus losses of $459,000 in 1HFY2020.
Besides selling fish, Qian Hu sells aquarium accessories as well as plastics too. For the same 1HFY2021, operating earnings from the accessories segment was up 16.5% to $804,000; plastics was down 38.3% to $447,000.
Overall, the company has reported a 19.5% y-o-y increase in revenue to $39.7 million for 1HFY2021. As such, earnings for the same period reached $857,000, versus losses of $525,000 in the year earlier.
“We are gratified that our ornamental fish and aquaculture business, as well as our Accessories segments have made significant recovery despite the ongoing pandemic,” says CEO Yap Kok Cheng (standing, with executive chairman, Kenny Yap).
“Moving forward into the second half of FY2021, Qian Hu will continue its expansion plan as we expect to experience more normalcy moving forward,” he adds.
See also: Qian Hu posts 62% jump in 2Q earnings to $0.2 mil despite fall in revenue
Yap aims to constantly continually innovate and digitalise the company’s operations.
He expects Qian Hu’s revenue for the second half this year to grow and remain profitable.
Qian Hu shares closed July 16 at 23 cents, up 9.76% for the day. As at June 30 2021, the company’s book value was 44.1 cents per share.
Photo: Albert Chua
