Oceanus

Oceanus: Deepens 2Q12 losses. Grp posted a 2Q12 net loss of of Rmb 76.0m yuan ($14.96m) vs a loss of Rmb62.22m yoy. Rev recorded dismal results as well, with sales for the qtr falling 80% to Rmb 19.71m yuan. Grp attributed the loss in its live marine segment to a lower value gain caused by massive losses in its biological assets in the 2H11, and new mgt's culling of poorer quality abalones and decision to delay caging juveniles. Add that in overhauling the mgt system, it intends to migrate to an evidence-based approach in developing protocols, early warning systems and performance measurements for key functions that support good farm practices. Expects better quality baby abalones from breeding in October this year with an improved brood stock that ensures the group has a population of good-quality abalones going into 2013