China Marine encouraged by 2Q results

By

SeafoodSource staff

Published on
August 11, 2009

China Marine Food Group on Wednesday announced its second-quarter results.

The Chinese company’s revenues increased 12.9 percent, to USD 14.8 million (EUR 10.5 million), compared to the same period in 2008. The company attributed the increase to continued growth in sales of its processed seafood snacks, a segment that grew 15.3 percent in the three-month period ending 30 June and accounted for 96.6 percent of the company’s revenues.

China Marine’s net income also increased 15.2 percent, to USD 3.7 million (EUR 2.6 million), as did its gross profits, which totaled USD 4.8 million (EUR 3.4 million) in the second quarter.

“We were pleased to deliver a quarter in which our snack-food segment drove nearly all of our revenues and earnings growth for our company,” said China Marine CFO Marco Ku. “Though the financial crisis has had an impact on several sectors in China, mainly export, domestic retail foods continue to show growth nationwide as consumers embrace a broader variety and higher quality food choices. Our ability to maintain margins in our retail snack food segment is a testament to market demand for our products supported by strong brand equity among consumers.”

China Marine Food Group produces and distributes processed seafood snack-food products and fresh and frozen seafood in five Chinese provinces. Founded in 1994, the company has grown steadily and positioned its Mingxiang brand as a category leader in 1,300 retail outlets in China.

Earlier this month, China Marine was approved for listing on the New York Stock Exchange’s Amex Equities. On Monday, the company’s common stock began trading under the symbol CMFO.

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