Pacific Andes International, a frozen fish and fish fillet supplier, plans to double its annual fishing volume from the Pacific Ocean to more than a million tonnes within two or three years, to take a 1 per cent to 2 per cent share of the global fishing market. China Fishery, the company's Singapore-listed unit, acquired Alexandra SAC, a Peruvian fishing company and fish-meal maker with a fleet of 18 vessels, for US$100 million in October. The Peruvian asset is expected to catch at least 300,000 tonnes of fish a year in the southern Pacific each year. It had sales of HK$364.3 million and net profit of HK$44.5 million in the six months to June last year. It did not reveal growth rates. China Fishery also bought three more super trawlers on January 4, taking its fleet to 17. It expects to harvest 210,000 tonnes of fish in the North Pacific near Russia this year. 'Our catch volume has reached 510,000 tonnes per year, accounting for less than 1 per cent of global fish supply which is about 95 million tonnes per year,' said Pacific Andes managing director Ng Joo Siang. 'Our market share will increase to 1 per cent to 2 per cent in two to three years while the global fish supply will remain roughly the same.' Pacific Andes, based in Qingdao, Shandong province, last month said its sales grew 52.4 per cent to HK$3.79 billion from HK$2.48 billion for the six months to September. Net profit rose 147 per cent to HK$176.1 million, boosted by increasing profit contributions from its higher-margin fishing associate. Its 31.1 per cent-owned China Fishery saw revenue rise 289 per cent to HK$566 million in the first half, 15 per cent of Pacific Andes' sales. These figures did not include sales by the Peruvian company. The gross profit margin of the division was about 40 per cent. 'We may further boost our margins by selling the sardines caught by the Peruvian vessels for human consumption instead of making fish meal,' said Mr Ng. Last month, China Fishery issued US$225 million seven-year senior notes that carried an annual rate of 9 per cent to fund the Peruvian operations. Besides fishing, Pacific Andes International has a fish-fillet processing business in China which accounted for 41 per cent of total sales and had a gross margin of 15 per cent. Its frozen-fish business in Singapore accounted for 44 per cent of total sales and had a gross margin of 9 per cent. Shares of Pacific Andes International, which surged 37 per cent last year, rose 1 per cent to close at HK$1.89 on Friday.