Revenue during the quarter surged 37.57 percent to $5.66 million from $4.12 million in the previous year period. Gross margin for the quarter period stood at positive 1.12 percent as compared to a negative 80.50 percent for the previous year period.

Operating loss for the quarter was $1.41 million, compared with an operating loss of $5.12 million in the previous year period.

Mr. Xinrong Zhuo, chairman and chief executive officer of the Company, commented, "We were pleased to deliver strong operating and financial results, as our previous deployed fishing vessels have begun to harvest a steady stream of fish and we have exceeded our previously provided first quarter EPS guidance of between $0.08 and $0.10 with EPS of $0.13. In the first quarter, as a result of our team’s continued unremitting efforts, Pingtan has achieved two major success towards entering the food consumer market. The first major step is that the company in which we have an equity investment has finally begun construction of a fish processing factory in Pingtan Comprehensive Experimental Area of Fujian Province and we expect that construction will be completed in 2018. The processing factory will be used for cold storage, processing and distribution of the deep ocean fish landings of Pingtans vessels. Secondly, we recently announced that Pingtan has signed a tripartite framework agreement with 2 major companies to enter directly the e-commerce and restaurant chain. This marks the introduction for Pingtan brand products to be sold through a major e-commerce platform to consumers across China, and will allow us to expand more into the South China region and cooperate with a major catering business. We are convinced that the rapid growth of the Chinese market demand will drive us to move forward to become a large integrated fishery enterprise."

The company has spent $22.31 million cash to meet investing activities during the quarter as against cash outgo of $4.93 million in the last year period.

Cash flow from financing activities was $1.86 million for the quarter as against cash outgo of $4.47 million in the last year period.

Cash and cash equivalents stood at $0.57 million as on Mar. 31, 2017, down 77.89 percent or $2.01 million from $2.58 million on Mar. 31, 2016.

Working capital turns negative
Working capital of Pingtan Marine Enterprise Ltd. has turned negative to $31.73 million on Mar. 31, 2017 from positive $24.67 million on Mar. 31, 2016. Current ratio was at 0.55 as on Mar. 31, 2017, down from 1.65 on Mar. 31, 2016.

Cash conversion cycle (CCC) has decreased to 502 days for the quarter from 594 days for the last year period. Days sales outstanding went down to 398 days for the quarter compared with 568 days for the same period last year.

Days inventory outstanding has increased to 155 days for the quarter compared with 38 days for the previous year period. At the same time, days payable outstanding went up to 51 days for the quarter from 12 for the same period last year.