SINGAPORE (April 18): Tropical fish breeder Qian Hu Corp reported a 89.3% slump in 1Q earnings to $12,000 from $112,000 a year ago as 1Q revenue fell 5.6% to $19.6 million.

Revenue generated by the group’s core Ornamental Fish segment slid 6.9% to $8.4 million mainly due to the sluggish Eurozone economy, as well as flagging demand for its Dragon Fish in China plagued by a slowing domestic economy.

The group’s core Accessories segment posted a 5.7% dip in sales to $8.5 million as a result of continued weakness in consumer purchasing sentiment in Malaysia arising from the country’s domestic economic uncertainties and the devaluation of the Ringgit since the second half of FY2015.

Revenue from the Plastics segment remained relatively stable in the first quarter, decreasing by 0.8% to $2.7 million.

Qian Hu closed 2.3% lower at 13 cents on Monday.