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Stock News Buzz: Pingtan Marine Enterprise Ltd. (NASDAQ:PME)

On Friday Pingtan Marine Enterprise Ltd. (NASDAQ:PME) stock recorded daily change of 1.06% to close at $2.09 with the total traded volume of 29999 shares along average volume of 9793 shares 52 week range of the stock remained $ 1.8 – 2.94 while its day low price was $1.95 and its hit its day high price at $2.11. Its previous closing value stands at $2.07. PME total market capitalization is $165224943. Currently stocks EPS is $0.17 while its price to earnings ratio is 12.33

On Nov. 8, 2019, Pingtan Marine Enterprise Ltd. (NASDAQ:PME) a global fishing company based in the People’s Republic of China (PRC), declared its unaudited financial results for the third quarter and nine months ended September 30, 2019.

Third Quarter 2019 Financial Highlights

  • Revenue was $11.2 million.
  • Gross profit was $3.6 million.
  • Net income was $4.4 million.
  • Net income attributable to owners of the Company was $4.0 million, or $0.05 per basic and diluted share.

Management Comments

Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, Since the beginning of 2018, the Company started deploying rebuilt new vessels into operation in several groups and we have experienced a steady growth of sales volume and saw an increase in sales volume for the third quarter of 2019 as compared to the same period of 2018. However, product prices are subject to fluctuation due to market situation. During the quarter, the Company’s highest sales revenue and volume by single fish species were from the one species with the lowest average price, and this resulted in a decrease in our revenue compared to the same period of 2018. Besides, it was monsoon season this quarter, which made it difficult to transport catches back, and our fish landings for the quarter decreased compared to the previous quarter this year, another factor impacting our revenue. We believe that production capacity improvement plays a significant role in boosting revenue growth. As we disclosed in our previous earnings release, the Company has 31 new vessels in different phases of modification and rebuilding. As of, all of these vessels are completed, 25 of which have departed from port for sea and most of them have reached the designated fishing grounds; the remaining 6 vessels are expected to set their sail to the international waters of the Indian Ocean in the near future after fulfillment of departure preparation. The Company has been committed to improving catching capacity and expanding species of catches by actively exploring for other available fishing areas in international waters. We also made efforts in exploring other business models as well, to enhance our business strategy. This may include entering the international trade markets through strategic partnerships.

John Gonzalez covers business and finance news. He is the only person we trust to provide breaking news in the finance category. Having already completed an Associates Degree in Psychology, John Gonzalez is now finishing his Bachelor’s degree in Communications. In preparation for working in the advertisement sector, John is writing financial content and analysis. On a daily basis, he works on articles regarding the following topics: business, top trends, technology, and politics.

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