Pacific Andes International Holdings (PAI), which has just spun off subsidiary Pacific Andes Holdings in Singapore, says profit rose 25.4 per cent in the first half. The Singapore share issue, which closed on Wednesday, saw its public offering 1.65 times subscribed. The shares will start trading today. PAI said taxed profit in the six months to June was $51 million. Turnover was $723.5 million, an increase of 25.9 per cent over the same period last year. A second interim dividend of one cent a share will be paid. A special dividend of 0.65 cent a share was paid for the three months to March. Managing director Ng Joo Siang attributed the profit increase to rising sales. He said sales of unprocessed whitefish and other seafood products had increased 31 per cent and 96 per cent over a year earlier. Turnover for filleted whitefish improved 13 per cent, he said. The US$16.5 million net proceeds from the new issue will be used to acquire a processing plant in China and to pay back loans. The company said the China plant being considered had a strategic location and access to an established distribution network.