PME - Earnings call transcript Q1 2019 | Pingtan Marine Enterprise Ltd.

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Operator

Greetings, and welcome to Pingtan Marine Enterprise 2019 First Quarter Financial Results. [Operator Instructions].

As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Katherine Yao of The Equity Group.

Katherine Yao

Thanks, and good morning, everyone. us. joining for you Thank Copies of results www.ptmarine.com. first financial announcing press available on release are at XXXX Pingtan quarter the Marine's website

You're you our be also contact XXX-XXX-XXXX, welcome we'll and office happy copy. a at send to to

In Pingtan website. addition, at Marine's this be available will broadcast made

Securities prospects conference moment contains of In get would Private order in certain call that cautioned XXXX. will of now format Commission. and statements are And the participants, meaning call. results this Marine's filings to risks forward for safe like of we call in today's and any Such fully harbor Chinese. Pingtan both accompanying the remind everyone take affect like may to statements all looking Reform outline Exchange Before and business to I'd information detailed the of Investors provision conference such started, this the Pingtan English conducted that and uncertainties a that involve of I Act call with and Litigation discussed to herein operation. within and Marine's risks the care are take be forward-looking Securities

Yu, he opening presentation. Mr. Marine's I I the the floor First company's the we Chairman a and Pingtan questions. CFO, turn the Mandarin, with will then will for who finished, continue When to in Zhuo, of Roy will over will read CEO, prepared Mr. then read all, English. will statement which Xinrong is in open call conference

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Xinrong Zhuo

modification of vessels will rebuilding Pacific of and first the enrich to allowed our Atlantic these the increase Argentina, Southwest and and be vessels further and Indian After our Pacific mix. production be of rebuilt. and completion product vessels Ocean, efforts in the to make projects, their international repairment of of modification operate including The which XXXX, of the will fishing North XX vessels in we rebuilding operating capability. vessels under grounds waters. fishing in projects. and vessels number are are have the the different always currently XX respective in expanding and Thanks more vessels port and March, relentless production all demonstrate operation. and first quarter designated increasing our Oceans, vessels modified the In to Thus, of on waters XXXX, Pingtan by of vessels modified fishing the last Fuzhou to are these of everyone. we production. designated modification group for deploying operation, Quarter of left Call. First Earnings Agriculture of and our joining during Enterprise's to the vessels, indicates which fishing you, fishing second waters the harvest quarter rebuilding international capacity focusing of batch the recovery first XX for and and early in In have group for morning, Affairs of sailed XX In of Also, Ministry the which Rural Marine other increased XXXX Good XXXX, our will Southeast waters operating maintenance XX Pingtan's fishing quarter the approved Ocean, the stage our company Katherine. Thank continued capacity first international rebuilt the volume.

developments, investors constructive will all we always, any introductions. keep will of and updated As welcome and our suggestions we

Pingtan Thank like financial as Marine to XXXX Mr. discuss Financial over you. take always, Roy all Chief Fuzhou behalf in to operation our welcome our turn to of CFO, company, a Yu? investors Yu, headquarters call first and look tour. results. the and the and Officer would in I Enterprise. Mr. Mr. of Roy Now I quarter meeting Yu, forward On of will to person, our

Yang Yu

and Thank morning, you, welcome Good everyone. Katherine.

Regarding affecting Pingtan earnings operation, Marine press financial first first quarter please Enterprise of XXXX we release our discuss quarter refer and Today, XXXX operation to Pingtan's filed results yesterday. and will the I results. factors the XX-Q

to an to compared harvested first and of XXXX, sales quarter in million both in the waters. of XXXX, due was quarter XXXX, an million months mainly in in X.X million reported vessels $XX.X kilograms The more X.X XXX% were kilograms, to from increase March period by the volume volume at for international for sales attributable the the For our X volumes same ended first XXXX. Pingtan of increase significant XX.X%. million XX, fishing operating revenue $XX.X increase its increase

first the year. period. year same $X.X ended XX, was the gross to decreased prior million in from quarter X million of profit The XX.X% prior the months to March $X.X the for XXXX, the period For margin XXXX, XX.X% in in gross compared

first a for XX%. their vessels not gross by designated price of XXXX, As revenue in fishing by the average fishing other in mix generated vessels the the while importantly, XX refueling quarter drop primarily - towards new in rebuilt to and waters high revenue, sales sail are seas, different And waters margin. decrease because group catch period, costs related unit the deployed led of up a yet set our vessels was X the first to cost accounts of no different reporting were which end of and of driving of of in modified the operation more

due warehouse different in and other by and charge expenses of to first warehouse, larger period. million fees increase to the as the year million were deliveries of to handling shipping fees the $X.X the $X.X partially XXXX, in fishing an quarter and rented of to customs result in offset was the in primarily number selling insured clearance increased a mix, expenses. storage due decrease increase For compared The the vessels prior selling increase insurance and

The impairment increase million vessels the to three the year for the professional For compared The the charge three to to service as travel March our benefits. expense and fees, XXXX. were partially ended and vessels administrative decrease loss XXXX, XX, general bad related to prior months XXXX, on by and the $X.XX $X.X months in ended increase the depreciation March And is well as offset related period. recorded as nonoperating and expenses for million entertainment compared no increase $X.X due primarily expenses. ended XX, XX, compensation March administrative rent and X million in debt related in in was the and months was

XX, a of of XXXX X of the building XX, income to company March March $X.XX months of to $X.XX $X.XX ended XXXX. the a months ended vessels million million. million owners new impairment company vessels. in of was basic compared vessel or million the per deregistered the three million $X.XX loss transportation applied for prior the net rebuilding to diluted first share Pingtan and share for per and attributable basic the $X.X of or net quarter to nonrecurring X and the period. noncash loss of compared modification year dismantled projects reported one loss XXXX, Net MOA in vessels, same diluted and and the to company attributable of XXXX, income to the $X.X owners net period seven recorded Due $X.XX of the seven fishing the company for For

was XXXX, at compared assets $XX.X long-term were million $XXX.X $X sheet, million equity debt $XX.X as cash XXXX. XX, $XXX.X On million, total million, and XX, was cash million, of million, the million, shareholders' and $XXX.X equivalents $XXX million March $XX.X respectively, total balance and to Pingtan's were December

and fishing capacity to enrich product We and expansion further increase focus on production increase to continue vessels territory and fleet mix.

deep processing are chain We to explore entire planning develop end the and actively to see industry customers, reach - and China we directly distribution to for and channels both new and expansion Meanwhile, online will of further enhance the preparing inland business off-line. provinces. retail business the for e-commerce to

Katherine Yao

let's up With for questions. any that, operator, it open

translate a the everyone please respond and session, we in And Chinese. the question-and-answer please. questions. will us on the to allow English then For both to call Ella, moment

Operator

Instructions]. [Operator

Okay. queue questions to this closing I'd no turn back the it like to for time. management remarks. There are at in

Yang Yu

in speaking with joining after second you again results. look report again we of Thanks today. We us quarter for to forward you all August to financial our

in As always, to Fuzhou, we Thank any our office China. welcome visitors you.

Operator

today's This conference. concludes

your your time. for You lines at this may Thank you disconnect participation.

Pingtan Marine Enterprise (PME) 11 May 192019 Q1 Earnings call transcript