The Investment Commerce Fisheries Corporation (ICF) reported that revenues in the first quarter of this year were halved to VND25.8 billion (US$1.2 million). — File Photo

HA NOI (Biz Hub) — The nation's fisheries have announced that revenues and profits were lower in the first quarter of 2015 than in the same period last year.

The Investment Commerce Fisheries Corporation (ICF) reported that revenues in the first quarter of this year were halved to VND25.8 billion (US$1.2 million).

Further, after deducting expenses, its net profit decreased by 97 per cent to VND40.35 million ($1,800), only equal to its earnings per share (EPS) of VND3.

Other fisheries companies also reported lower business results in the first quarter of this year, compared to last year's numbers.

Additionally, Ngo Quyen Processing Export JSC (NGC) reported that its net profit dropped one quarter to VND359 million, compared to last year's first quarter.

Meanwhile, Aquatex Ben Tre (ABT) said its revenues increased by one-fifth in the first quarter of this year, reaching VND112 billion ($5.2 million), however, its net profit decreased by 9.3 per cent to VND20.4 billion ($944,000), equal to VND1,776 in EPS.

An Giang Import-Export Fisheries (AGF) reported that both revenue and net profits dropped significantly compared to last year, falling by one-third to VND497.23 billion ($23 million), while net profits halved to only VND2.7 billion ($125,000).

The company said that its revenues and net profit were down because the company's sales in the first quarter were lower against last year. The company also did not export its products to the American market, which halved its export revenues to VND302 billion ($14 million).

Cuu Long An Giang Fish Company (ACL) recorded a slight decrease in revenues to VND222.6 billion ($10.3 million) and a 25-per-cent loss in net profit, falling to VND1.34 billion ($62,000) in the first quarter of this year.

Mekong Fisheries Joint Stock Company (AAM) also announced its revenue and net profit in the first quarter decreased against last year. The revenues were down 38.3 per cent to VND70.5 billion ($3.2 million), while net profits dropped two-thirds to VND657 million ($30,400) in the first quarter.

According to the Ministry of Agriculture and Rural Development, during the first three months of 2015 the country's fisheries export turnover was down by 23 per cent to $1.27 billion against last year. This was also the largest drop in fisheries exports during the last five years.

The Vietnam Association of Seafood Exporters and Producers (VASEP) said the main challenge for Vietnamese seafood companies was the anti-dumping policy in the US market, which nearly halved the country's export value in the first quarter.

VASEP also said that export values decreased in other markets, such as Japan and Europe where the yen and euro were weaker than the dollar, causing Vietnamese companies to suffer losses when they exchanged yen and euros into dollars. — VNS