Q1 2020 Earnings Call
Hello, and welcome to the thing thermally first quarter Twentytwenty earnings Conference call.
That's probably about two cents or any of the smell. The mode of question answer session will follow the formal presentation.
Yes, I do want to require a bigger assistant store. The conference. Please press Star Zero Wonder telephone keypad as a reminder, this conference is being recorded.
My pleasure to introduce your host tissue appeal Walk communications. Please go ahead Sir.
Thanks, operator.
Good morning, everyone like people join us.
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Before we get started.
I would like to remind everyone that big conference call and and your company information It's got the hearing.
As a searching for making things.
Within the meaning of the safe Harbor provision that the private Securities Litigation Reform Act 1995.
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Investors are cautioned about such forward looking statements involve risks and uncertainties that may attract december oriented business and the prospects and results of operation.
Such risks are Toby.
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I would like to now to pick the moment, so all lined the format for todays call.
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It's called won't be conducted in both English I'm trying to gauge.
First of all the company Chairman and CEO Mr. Shanghvi untrue.
We are prepared opening statement Monday.
Which I did it then we amended.
I will then turn the conference call to make their remaining Yung Kim and Marine CFO Cool can you nailed the presentation.
He finished then we'll open the floor for questions.
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Hi.
Ladies and gentlemen, good morning, right because the joining our 2020 cents a quarterly earnings conference call.
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Not make activities in China, and many countries of the world affected so varied it's done by the Golden Monkey and I'm damage.
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Hi, good morning.
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In the first the quarter after 2000 climate pin pads with all the volume went over three P. Manning aging it shows a robust the young as well.
But our sales revenue would adversely affected by both pandemic on that stupid market situation.
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[noise] on one hand, there was a decrease in their demand from the catering industry in the first quarter, we are to be pandemic, which affects the price up if we could.
The other the market supply of the Indian Ocean square, one of alternative product with types as more than sufficient to meet the market the demand, which led to a downward pricing trend hobbits product.
However, the market activity in China is starting to recover from the pandemic Anna we believe consumption not see seafood they gradually returning to normal levels.
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[noise] involving an uncertain environment will make it to be coping lunching worldwide. However, makes it difficult to accurately predict the future impact on our live on our results in light of the current the departments.
That could be treated the man <unk> increased having a positive impact on our sales for the remainder of the year.
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[noise] expansion of operations and enhancing catching capacity.
Increasing the number of operating fishing vessels isn't part of our established the strategies.
Previously announced about late 2000 managed game in town quite to the Ministry of Agriculture, and the rule fears of the PRC permits so we'd be able to 10 fishing vessels.
In addition to all application for rebuilding another white refrigerated transports that certain generated this year.
Currently we have 11 bachelor's, but all paying for the permit from the ammo, Hey, I'm, all undergo modification and rebuilding projects.
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The 10 fishing doctors, albeit it built into it scripts chickens outsource it at Wassa tonnage, although it's all kinds of problems and the transport that said it they'll have a gross of prime age over 8000 times.
The vessels are committed to operate in the international waters of the Indian Ocean, and North Pacific and itself, because because the ocean as well as the that's off the West Atlantic Ocean.
Optimistically, we expected that.
He loved them doctors will be deployed.
Our operations within the next year after completion of the modification and rebuilding projects.
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John.
Sure.
Great Okay.
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Okay. So yeah, what's your feeling.
Sure.
As always sometime we'll keep investors apprised of all aspects academic progress and we welcome constructed for suggestions and effective recommendations.
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Hi, James.
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Hi, I was hearing.
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Now I would like to introduce our CFO mr. the medium.
Well, it's gossiping operation and financial results for the first quarter 2000 funny on behalf of our company.
Look forward to meeting in person and I've always welcome to our headquarters and through July and take a poor. Thank you.
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She can finish office or thinking about marine enterprise, Sir the floor is yours.
Good morning, Jay. Thank you welcome everyone regarding the fact that affecting paintings results of operation. Please refer to our 2021st quarter earnings press release, and the 10-Q, we filed today I would discuss Pingtan Marine's 22.
24th quarter operation and financial result.
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Put a three month ended March 31st Twentytwenty. He can report its revenue of 17.3 million a decrease of 1.1 union or 6.1% from 18.4 million for the same period in.
2019 sales volume increased by 54.9.
10 to 13.5 million kg in a three month ended March 31st 2020 from 8.7, New names AG in the same period.
2019.
Sales volume increased by a large amount percentage well revenue decreased slightly or the first quarter 2020, decreasing revenue real primary attribute it.
It a different infill SMIC.
Impactful markets, that's it situation and the 13.9% decrease in average volume sales price in a three month ended March 31st 20 point as compared to.
The three month ended March 30 stores 2019.
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For the fourth quarter ended March 31st 2020, gross profit was 5.8 million compared to gross profit of 4.1 million in the prior year period. The gross margin for the first quarter ended March 31st 2020 was 33 point.
Then compared to 22.1 for the same period in 2019, the increase in gross margin with a three month ended March 31st 2020 as compared with the three month ended March 30 think 2019 was primarily attributed.
Hey, a drop in the unit production.
Cost.
48% as result of new fishing vessel that what the point at the end of first quarter 2019, and drove up fueling caught and other related revenue.
We made a course of revenue. However, no revenue was generated because a vessel was not yet in operation due got time.
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But the three months ended March 31st 2020, selling expenses would be.
The real point 9 million.
Two 0.7 million in the prior year period, the decrease was primarily due to see.
The real 0.7 9 million increase in storage fees and the real 0.1 6 million increase in shipping and handling fee as result of ramping larger warehouse and an increasing number of fishing inventory deliver to the warehouse, partly offset by the decrease in insurance fee and custom.
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Well I was out there, but she is one thing about general which all of this industry we've got.
But the three month ended March 31st 2020 general and administrative expenses for.
2.0 million compared to 4.8 million in the prior year period. The decrease was primary due to.
The but 510728 decrease in a deeply in the depreciation and non operating basis.
41.8 piston compared to a three month ended March 31st Twentys 19th.
As whereas no impairment of assets for the first quarter in 2020 compared to 2.2 billion impairment loss that was recorded in the prior year period.
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For the three month ended March 31st 2020, net income was 8.42 billion compared to net loss was 1.97 billion in the same period 2019, and increased 10.39 million or 500, and when he fixed I'm sorry.
527.6%.
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Net income attributed to the owner of the company for the three months ended March 31st Twentytwenty was 7.66 million or 10 cents per basic and diluted share compared to net loss attributable to the own off the company up a one point.
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Basic diluted share in the same period 2000 <unk>.
Our our didn't want to do this crucial recoup Georgia she'll be willing that she back there should be in one area.
Even though isn't showing growth fishermen are there. So we've generally been reading them already returned one punchy, usually we're going to be Soulja increasingly you about Bhatia July me, yes.
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Balance sheet as of March 31st Twentytwenty, Kingpins cash and cash equivalent worth 32.8 million total assets were 800, I'm, sorry 478.6 million.
Total current liability with 161 million and shareholders equity was 161.8 million compared to 10.1 million 404.1 million 88.8 million and 155.1 million.
Respectively at December 31st 20 my team.
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To date.
You know that they don't forget what do they watch and buyback posh alignment that we don't try to it you don't really yet.
To conclude we continue focusing on.
Expansion or business and exploring new.
They shouldn't ground to harvest diverse mix catch we are actively planning for exploring.
Or expanding the business to FIFO profit.
Processing market and reach directly and consumer both online and offline. Meanwhile, we will focus.
Meanwhile, we will.
For the exploits E commerce, FIFA retail business to enhance our anti industry chain and develop new distribution channel to penetrate China in provincial thank you.
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With that operator, let's start the Tonight for their question answer session, who the allowance a moment, we're trying to make with the questions and then they will respond to everyone. We'll call it in both English and Chinese.
Thank you will not be conducting a question answer session. If you like you play some to question Q. Please press star one under telephone keypad, a confirmation told indicate who lives in the question Q you May press star to if you'd like question from the Q for participants using speaker equipment.
It may be necessary to pick up a headset before pressing star one one moment. Please what we poll for questions.
As a reminder, ladies and gentlemen that as star one three placing the question Q.
One moment, please well we pull for questions.
Yes, or no questions at this time of it to turn the floor back over to management for any further closing comments.
Okay.
Okay.
No. Okay, Oh, thanks again for all of you joining us we look forward to speaking with you again in August when we report our second quarter and tick.
Six month 2020 financial result, as always we welcome any visitors to our offerings improves though China. Thank you.
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No I got that example, that's the thing about that elements of it opens interest on what Susan.
Thank you that does conclude.
You may disconnect your lines at this time and have a wonderful day, we thank you for your participation today.
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