Three years after Peter Koh stepped in to helm the troubled abalone producer, Oceanus Group is on its way out of storm-tossed waters. The group chief executive has made good on his plan when he joined in end-2014 to cut costs, clean up the balance sheet and grow the company's profits by end 2017. For its financial year ended Dec 31, Oceanus turned its first net profit attributable to shareholders in five years, of 176 million yuan (S$36.8 million). It is in a positive net cash position, of 114 million yuan, for the first time in seven years. Mr Koh said that it was a feat he could not have imagined, just a few years ago, when there were doubts that the debt-laden, loss-making company could go on. Troubled seas Before the turn of the decade, Oceanus - which listed here in 2002 - boomed thanks to China's rise, with its counter hitting its record high in 2009 at 41.6 Singapore cents. But in 2011, millions of abalones died as a result of a lack of food and ...
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