Pingtan Marine Enterprise (PME) Reports Q2 Loss of $0.02

Pingtan Marine Enterprise (NASDAQ: PME) reported Q2 EPS of ($0.02), versus $0.19 reported last year. Revenue for the quarter came in at $15.3 million versus the consensus estimate of $59 million.

Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, "In the first half of 2015, Pingtan faced tremendous pressure as a result of the moratorium enacted by the Indonesian government, significantly affecting our overall operating results. However, in light of this challenging environment, we are shifting our strategy to expand into new fishing territories to diversify our revenue stream. In June, we were pleased to announce the purchase of six fishing vessels which are fully licensed in the Western and Central Pacific Ocean of the International Waters, primarily focused on catching tuna and squid. We remain dedicated in building Pingtan's brand awareness; deepening our sales channels in inland provinces, actively searching new fishing areas and rationalizing all aspects of our operations to ensure our production capacity meets the changing demand."

For earnings history and earnings-related data on Pingtan Marine Enterprise (PME) click here.

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