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RETAIL | Staff Reporter, Singapore

Qian Hu’s FY15 profit crashes 95.2% to just $19,000

On back of sluggish Europe, Russia economy.

Qian Hu Corporation barely broke even in 2015, as its FY15 profit crashed by a whopping 95.2% to $19,000 from FY14’s $392,000.

On a QoQ basis, the ornamental fish service provider booked a loss of $198,000 in 4Q15, reflecting a 212.5% nosedive from 4Q14’s profit of $176,000.

The company asserted in a media release that it was impacted by the sluggish global economy. In particular, the prolonged recession in Europe and the depressed Russian economy plagued by economic sanctions and failing oil prices weighed on Qian Hu’s earnings. In addition, China’s domestic market was also hurt by extreme stock market volatility, and flagging economic data since 2015’s latter half.

Moreover, Qian Hu noted that the devaluation of the Ringgit dented its Malaysia subsidiaries’ performance.

Moving ahead, the company reportedly plans to commit to its transformation into an innovative ornamental fish company, focusing on product developments in filtration, fish nutrition, and genetic-breeding of dragon fish.

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