Net profit at frozen seafood processor Pacific Andes International slipped 16 per cent to $42.85 million in the six months to June. The company spun off 40 per cent of subsidiary Pacific Andes Holdings in Singapore in September leading to an exceptional gain of $109 million from the listing proceeds. The firm used the proceeds to reduce debt and for a series of related acquisitions in the fishing industry in the United States and China. Operating profit soared 47 per cent to $77.8 million while turnover jumped 61 per cent to $1.16 billion. An interim dividend of two cents was recommended, up from 1.54 cents on a fully-diluted basis. Managing director Ng Joo-siang said the firm was in talks to acquire a fishing company in Taiwan and a regional frozen seafood distributor. 'We're also seeking to buy deep sea trawlers or vessels as the two vessels acquired recently generated $10.6 million in the first half,' Mr Ng said.