China Ocean Development (08047) announced its first quarter results for the three months ended June 30, 2023, with revenue of approximately HK$136 million, a year-on-year decrease of 2.46%; profit attributable to equity holders of the company was HK$10.469 million, compared to a loss of HK$8.161,000 for the same period last year; basic profit of HK$0.17 per share.
It is reported that during this period, administrative expenses increased from HK$4.3 million in 2022 to about HK$17.39 million, mainly due to depreciation of fishing vessels, which are still obtaining their fishing permits to start fishing operations.