Qian Hu’s 3Q earnings down 95% on lower operating profits

SINGAPORE (Oct 17): Aquarium fish breeder Qian Hu posted a 94.6% fall in 3Q16 earnings to $5,000 from $93,000 a year ago due to lower operating profits from its ornamental fish and accessories businesses.

Revenue rose 10.1% to $19.6 million. Sales of ornamental fish rose 11.2% to $7.6 million due to the gradual resumption of purchasing from European market. However, operating profit fell 48.4% to $164,000 due to a different sales mix.

Sales of accessories rose 12.5% to $9.2 million but operating profit fell 11.9% to $274,000 due to its on-going efforts to capture more sales while sacrificing a portion of its profit margin.

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