Strong demand for lobster in China
Canada’s Clearwater Seafoods bustling lobster trade with China continues to boost its earnings even as its first-quarter 2019 sales stayed flat year-on-year according to undercurrentnews.com.
The Bedford, Nova Scotia-based shellfish supplier said in an earnings release that it earned CAD 20.1 million ($14.92) during the quarter, an improvement over Q1 2018’s CAD 19.1m. The company’s Q1 2019 sales totaled CAD 120.1m, unchanged from Q1 2018.
Clearwater cited stronger Chinese demand for lobster — lower landings early on in the season resulted in higher sales prices — as one of the drivers behind its better earnings even as “volumes were down as opportunities were limited by the high raw material costs”, the company said.
“Sales [in China] for the first quarter of 2019 increased CAD 11.1, to CAD 32.2m as compared to the same period of 2018 resulting from a broad-based shift into China across multiple species,” the company said. “Higher clam sales with favorable product mix weighted towards higher sales prices, higher FAS [frozen at sea] shrimp sales that were supported by strong sales prices, and strong demand for lobster and the addition of live crab beginning in late 2018 contributed to sales.”
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