UPDATE: Pingtan Marine Enterprise (PME) Reports Q1 EPS of $0.10

Pingtan Marine Enterprise (NASDAQ: PME) reported Q1 EPS of $0.10, versus $0.02 reported last year. Revenue for the quarter came in at $17.3 million, versus $18.4 million reported last year.

First Quarter 2020 Financial Highlights (Year-on-Year Comparisons)

• Revenue decreased by 6.1% to $17.3 million from $18.4 million.
• Gross profit increased by 41.0% to $5.8 million from $4.1 million.
• Net income was $8.42 million, compared to net loss of $1.97 million.
• Net income attributable to owners of the Company was $7.66 million, or $0.10 per basic and diluted share, compared to net loss attributable to owners of the Company of $1.89 million, or $0.02 per basic and diluted share.

Management Comments

Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, "In the first quarter of 2020, economic activities in China and many countries of the world were affected to a varied extent by the COVID-19 pandemic. In the first quarter of 2020, Pingtan's sales volume was over 13 million kg, which shows a robust year-on-year growth, but our sales revenue was adversely affected by both the pandemic and the seafood market situation. On the one hand, there was a decrease in the demand from the catering industry in the first quarter due to the pandemic, which affects the price of seafood; on the other hand, the market supply of Indian Ocean squid, one of our key product types, was more than sufficient to meet the market demand, which led to a downward pricing trend for this product. However, the market activity in China is starting to recover from the pandemic, and we believe consumption of seafood will gradually return to normal levels. The evolving and uncertain environment related to COVID-19 worldwide, however, makes it difficult to accurately predict the future impact on our results. In light of the current developments, we expect demand will increase having a positive impact on our sales for the remainder of the year."

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

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