PME - Earnings call transcript Q1 2020 | Pingtan Marine Enterprise Ltd.

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Operator

Greetings, and welcome to the Pingtan Marine Enterprises First Quarter 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Jay Zhou of Pure-Rock Communications [ph]. sir. ahead go Please

Unidentified Company Representative

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

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us to we happy you You send to copy. be e-mail contact also PTmarine@pure-rock.com by are to a welcome and would

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

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certain that started, information Private this of would provision remind statements contains conference discussed and get like Harbor I we XXXX. meaning everyone Before Securities the accompanying call any herein Safe Act of forward-looking within to Litigation the Reform the of

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Investors Marine’s Such fully detailed are and Pingtan business risks and with involve in Pingtan the risks are Marine’s the forward-looking Securities cautioned operations. Commission. that filings and prospects Exchange statements of affect uncertainties that the may and such results

[Foreign Language]

take will to call. all to now call this In like in Chinese. to the today’s conference take order would a care of both English be format participants, for and moment I conducted call outline

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

[Foreign Language]

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

[Foreign Language]

welcome Mr. and over Pingtan Chairman Please Mr. turn CEO, Xinrong call I Zhuo. the to that, With Zhuo. Marine’s

[Foreign Language]

Xinrong Zhuo

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quarter you Thank gentlemen, first good Ladies for call. joining morning. our conference and earnings XXXX

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world countries to activities and many XXXX, were by pandemic. varied first in extent the of quarter of COVID-XX the economic affected In a China the

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volume the our both XX growth, market In situation. adversely was quarter kg, revenue showed our sales year-on-year sales seafood by pandemic Pingtan's the million and but robust which over was of XXXX, first affected

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in seafood. price decrease in due catering was the the industry demand quarter from there the the hand, of a first affect one On to which the pandemic,

On our trend was the demand, than the of this to market pricing downward Ocean product. Indian types meet sufficient product market one to of the a more for supply which other, squid, led key

China However, market levels. recover consumption we to in seafood activity return normal pandemic. is will from starting the believe the gradually of to And

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impact however, for The uncertain difficult increase, to worldwide, expected evolving to impact the to predict shares the our we positive demand developments, COVID-XX accurately of of the makes our and the the remainder In results. QX related on environment on light year. future current a having it

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of vessels XX rebuilding the Pingtan XXXX, operating transport by and are the in of rebuild to Expansion is operations vessels we addition of the this pending applications from January and another are in have to for vessel undergoing of Currently, applied vessels permits Ministry announced increasing Affairs that all that rebuilding XX the to in our and MLA projects. a strategies. modifications of fishing Rural one enhancing the permits refrigerated Agriculture capacity part for established and catching of number previously PRC We fishing late year.

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Atlantic of the modification after Pacific sea that the be tons. will vessel the for of More completion vessels have tonnage we tonnage South permitted [ph] in a and of replacing Ocean, XX the Ocean. the expected waters fishing XX will of international the vessels of X,XXX vessels loss to well deployed and year Pacific North X,XXX tons transport and with Southwest operate operations to next vessels are loss of the to chicken will be Optimistically, building as project. These and within the as Ocean Indian

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investors apprised and effective we and welcome recommendations. constructive progress all Pingtan always, of keep of As will competition the aspects

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and operation CFO, in person. Mr. our discuss you and welcome look XXXX. the Thank for the meeting you. financial in On to the behalf take our Fuzhou And to I'd Now, always, I our quarter introduce forward of Yung, a tour. will company, results as like of first Liming to who headquarters

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Liming Yung

morning, Jay. you. Welcome everyone. Thank Good

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

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reported XXXX. from For $XX.X or the a $XX.X March same XXXX, of its million decrease in ended XXst, months for $X.X X.X% three of million, million Pingtan the revenue period

a XX.X while revenue first XXXX by Sales decrease market X.X three-month million March in to a slightly ended Sales March XXXX. versus ended amount primarily decrease volume situation, during quarter of volume average million XXXX. impact from sales XXst, attributed as the in ended of kg the March volume in decreased XXst, in XX.X% the percentage, difference sales revenue mix, same The compared three-month period increased by and price were XXst, to in three-month to the the XXXX XXXX. large kg increased XX.X% the for

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vessel a because related as drop ended XX% March of the margin ended first cost, operation to end attributed during XXXX, profit to ended time. quarter not of in production result For no in vessel costs was primarily revenue, gross yet was and a the gross The by for quarter XXst, year compared to same XX.X% -- unit The costs March as related XXXX compared [Indiscernible] $X.X XXXX three-month in deployed million, period. that for XXXX to margin gross were first $X.X XXXX. XXXX XXst, that the in for first other the and the the revenue was compared XX.X% XXst, however, at profit new increase in ended the XXst, prior the period was March of three-month was million the March gross generated fishing of quarter revenue

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expenses year $X.XX increase to For inventory delivered partially and insurance in fishing million clearing custom of decrease warehouse, in the by million $X.X handling of prior a was The the increase ended to increase in as result were shipping the the million XXst, and in offset storage and charge. fee selling $X.X larger and number the fee renting decrease fee compared three warehouse primarily million XXXX, an months in March period. to due $X.XX

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well the in March was general $X.X due XX.X% three million months that ended year the decrease in impairment XXXX, prior to were March recorded the quarter prior expenses period. million $X.X the XXst, compared compared for was The vessel for $X.X and in period. to the three-month as XXst, XXX,XXX XXXX, loss ended million compared in of first non-operating and to For primary depreciation no administrative the the to assets year impairment XXXX as decrease

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net was the in compared XXXX, I'm million XXXX, $X.XX to of XXst, period billion $X.XX $XX.XX billion or loss income was March ended three-month sorry the For same of -- increase net XXX XXX.X%. an

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of attributed of company for XXst, was share of million to same owner ended $X.XX the owner XXXX. to attributed basic compared XXXX $X.XX income the to the period or the point $X.XX million net share March in diluted the three-month the and loss diluted per Net or basic per company $X.XX

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million was balance $XXX.X and $XXX.X December March million, XXst, $XX.X million, at XXst liability Pingtan's cash cash million $XXX.X million, XXXX. equity sheet, million, -- as current total were $XX.X compared On XXXX, was total $XXX.X XXX respectively and million, of sorry, assets to million, $XXX I'm and shareholders' $XX.X equivalents worth

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ground To harvest to new conclude, expansion of on diverse we business mixed continue focusing and fishing catch. exploring

to market reach channels and expanding chain business to both you. consumer, Meanwhile, seafood actively develop the for new seafood penetrate and to retail inland provincial. -- exploring further planning and process or directly are distribution we our end exploit offline. business industry to We will Thank enhance ecommerce processing online entire China's

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Unidentified Company Representative

With that Q&A. operator, the start let us

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

Operator

the back further I'd over or to at there to comments. like this If closing management any floor no turn questions time, for

Unidentified Company Representative

Okay.

when with Okay. Thanks look in all six-month for second we forward again and results. speaking quarter to us. XXXX joining report financial of our We you again August you

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

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Operator

That teleconference. you. Thank conclude does today's

at We participation for You have day. thank wonderful and this a your line may you time your today. disconnect

Pingtan Marine Enterprise (PME) 12 May 202020 Q1 Earnings call transcript