South African fishing giant Oceana saw revenues drop during the six months ending March 31, weighed down by the performance of its fishmeal and oil segment in the United States, but still managed to turn a pre-tax profit thanks to strong demand.

Despite a 2 percent drop in revenue to ZAR 3.5 billion (€206 million/$290 million), profit before tax rose 10 percent to ZAR 488 million (€28 million/$34 million).

The company’s fishmeal and fish oil segment, Daybrook, suffered from significantly lower prior season catches, resulting in its stock levels being down 36 percent from last year.