Qian Hu’s net profit crashed 89% to just $12,000 in Q1

Overall sales dropped drastically.

Mainboard-listed ornamental fish dealer Qian Hu reported an 89% contraction in its Q1 net profit to just $12,000, on back of sluggish sales across key business segments.

In the first three months of the year, revenue generated by the its core Ornamental Fish segment slid 6.9% to $8.4 million mainly due to the sluggish Eurozone economy, as well as flagging demand for its Dragon Fish in China plagued by a slowing domestic economy.

Meanwhile, its core Accessories segment posted a 5.7% dip in sales to $8.5 million as a result of continued weakness in consumer purchasing sentiment in Malaysia.

The devaluation of the ringgit also impacted revenue contribution from the Group’s business units in Malaysia.