China Fish

China Fish: Counter has performed well since the completion of its 99.78% acquisition of Copeinca ASA in Nov '13, with the counter up 5.7% over the past two days. Yesterday, Copeinca ASA released positive 4Q13 results as EBITDA surged 115.4% to US$16.8m on the back of a 7.9% improvement in revenue to US$49.3m. In addition, EBITDA margin doubled from 15.7% to 31.6%. The stellar results were due to higher processing rate of 15.6% of the total allowable catch (TAC) for the group, a 0.8ppts improvement compared to 2012's 14.8%. In addition, the TAC for the season tripled to 2,304,000m tonnes, compared to 2012's 810,000m tonnes.