Pacific Andes changes focus

Pacific Andes International Holdings, which engages in fishing, sourcing, processing and distribution of frozen seafood, will focus expansion in Eastern Europe this year, finance director Joe Cheng Nai-ming says.

Turnover from Eastern Europe jumped 6.5 times last year compared with 1996. Total turnover grew 1.17 times.

Despite substantial turnover and net profit growth last year the company did not plan to acquire assets at present because of the regional economic turmoil, Mr Cheng said.

The company was relatively unscathed by economic turmoil, thanks to its geographical diversification, but would seek to improve cash-flow management.