Pingtan Marine Enterprise Ltd. (Nasdaq: PME) has announced that 21 of its fishing vessels have commenced operations in the Indian Ocean after a maintenance period in July 2020. These vessels returned to China for repairs before departing in September 2020. The fishing operations began in early October 2020, signaling the company's active engagement in ocean fishing through its subsidiary. This development could enhance fishing yield and contribute to revenue growth.
Pingtan Marine Enterprise Ltd. (Nasdaq: PME), based in Fuzhou, China, announced the successful transportation of over 5100 tons of Argentina squid, valued at over USD$20 million, back to Mawei Port. The squid was caught using 15 vessels in the Southwest Atlantic Ocean and is expected to enhance the company's operating results for the upcoming quarter. The unloading is scheduled to coincide with China's Mid-Autumn Festival and National Day holidays. CEO Xinrong Zhuo noted that Argentina squid meets local tastes and has a competitive market price.
Pingtan Marine Enterprise Ltd. (Nasdaq: PME) announced a seminar hosted by Indonesia's Ministry of Marine Affairs and Fisheries concerning new fisheries policies. The event, held virtually, aimed to foster Chinese investment in Indonesia's fisheries sector. Pingtan's CEO, Xinrong Zhuo, expressed optimism about future cooperation between Indonesia and China, viewing it as vital for Pingtan's growth. The company aims to assist in renewing fisheries cooperation following Indonesia's 2015 moratorium. The press release also highlighted the strategic importance of Indonesia's role in the Belt and Road Initiative.
Pingtan Marine Enterprise Ltd. (Nasdaq: PME) announced on September 16, 2020, the departure of 10 new large-scale squid jigging vessels from Shidao, Weihai. These vessels, each 65.16 meters long and with a gross tonnage of 1227, are authorized for fishing operations in various international waters, including the Indian Ocean and North Pacific. This expansion aims to enhance the company's seafood supply and improve catching capacity. CEO Xinrong Zhuo highlighted adjustments in sales strategy to boost both catching volume and selling price, emphasizing squid as a key product.
Pingtan Marine Enterprise Ltd. (Nasdaq: PME) recently participated in the 15th China (Fuzhou) International Seafood and Fisheries Expo held from September 4-6, 2020. The expo, one of Asia's largest fisheries fairs, featured more than 350 exhibitors. Pingtan's subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., received the 'Gold Medal Enterprises' award, while its products, Indian Ocean Tuna and Indian Ocean Squid, were recognized as 'Gold Medal Products'. This recognition highlights Pingtan's standing in the seafood industry.
Pingtan Marine Enterprise Ltd. (PME) reported its second-quarter 2020 results, posting revenue of $23.5 million, a 7.9% decline from $25.5 million year-over-year. Gross profit plummeted to $2.2 million from $9.3 million, resulting in a net loss of $1.7 million, compared to a net income of $5.0 million in Q2 2019. Sales volume increased by 41% to 21.8 million kg, marking the highest quarterly volume in five years. The pandemic's impact on global markets continues to pose uncertainty, yet management expects a recovery in seafood demand during H2 2020, alongside investments in new fishing capabilities.
Pingtan Marine Enterprise Ltd. (PME), a global fishing company based in China, will announce its financial results for the second quarter and six months ended June 30, 2020. The release is scheduled for August 17, 2020, after U.S. market close. Pingtan will hold a conference call on August 18, 2020, at 8:30 a.m. ET to discuss these results. Interested parties can access the call via dial-in numbers or through a live webcast on the company’s website.