Pingtan Marine Enterprise Ltd. (NASDAQ:PME) Q1 2018 Earnings Conference Call Transcript

May 10, 2019 • 08:30 am ET

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Pingtan Marine Enterprise Ltd. (NASDAQ:PME) Q1 2018 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Greetings, and welcome to Pingtan Marine Enterprise 2019 First Quarter Financial Results. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Katherine Yao of The Equity Group.

Executive
Katherine Yao

Thanks, and good morning, everyone. Thank you for joining us.

(foreign language) Copies of the press release announcing 2019 first quarter financial results are available on Pingtan Marine's website at www.ptmarine.com. (foreign language) You're also welcome to contact our office at (212) 836-9600, and we'll be happy to send you a copy. In addition, this broadcast will be made available at Ptmarine's website.

(foreign language) Before we get started, I would like to remind everyone that this conference call and any accompanying information discussed herein contains certain forward looking statements within the meaning of the safe harbor provision of the Private Securities Litigation Reform Act of 1995.

(foreign language) Investors are cautioned that such forward-looking statements involve risks and uncertainties that may affect Pingtan Marine's business and prospects and results of operation. Such risks are fully detailed in Pingtan Marine's filings with the Securities and Exchange Commission.

(foreign language) And now I'd like to take a moment to outline the format for today's call. In order to take care of all conference call participants, this call will be conducted in both English and Chinese. First of all, the company's Chairman and CEO, Mr. Xinrong Zhuo, will read a prepared opening statement in Mandarin, which I will then read in English. I will then turn the conference call over to Mr. Roy Yu, Pingtan Marine's CFO, who will continue with the presentation. When he is finished, we will open the floor for questions.

(foreign language) For the question-and-answer session, please allow us a moment to translate questions. Then we will respond to everyone on the call in both English and Chinese.

(foreign language) With that, I will turn the call over to Pingtan Marine's Chairman and CEO, Mr. Xinrong Zhuo. Please go ahead, Mr. Zhuo.

Executive
Xinrong Zhuo

(foreign language) Thank you, Katherine. Good morning, everyone. Thanks for joining Pingtan Marine Enterprise's 2019 First Quarter Earnings Call.

(foreign language) In the first quarter of 2019, we continued focusing on recovery of production capacity by deploying more fishing vessels to international waters for operation, which increased our harvest volume. In early March, the last batch of our first group of 27 modified and rebuilt fishing vessels have left the port of Fuzhou and sailed to the designated international waters for production. Thus, all these fishing vessels are in the operation.

(foreign language) Also, during the first quarter 2019, the Ministry of Agriculture and Rural Affairs approved the modification and rebuilding of our other 24 of our fishing vessels, which indicates our second group of vessels to be modified and rebuilt. After the completion of the modification and rebuilding projects, these vessels will be allowed to operate in the