Hong Kong-based China Marine Food Group on Monday announced its fourth quarter and 2009 financial results.
The seafood-based snack foods producer and seafood distributor saw a USD 24.7 million (EUR 18.2 million) revenue increase for the fourth quarter, up 85 percent from the same time period in 2008. Profit also increased nearly 55 percent, to USD 5.8 million (EUR 4.3 million) and net income was up 74 percent to USD 4.4 million (EUR 3.2 million).
Revenue for the entire year was also up 42 percent from 2008, to USD 69.6 million (EUR 51 million), as was profit up nearly 30 percent to USD 19.1 million (EUR 14 million).
Instrumental in the company reaching its sales goals was the third-quarter completion of a new manufacturing facility that increased its production capacity from 10,000 tons to 20,000 annually.
The company also credits strong demand in the fourth quarter due to retailers’ preparations for Chinese Lunar New Year celebrations.
“We were very pleased to exceed both our revenue guidance of USD 60 million and net income guidance of USD 14.3 million for the year,” said Pengfei Liu, CEO and chairman. “We leveraged our growing distribution network of Mingxiang snack foods and significantly expanded our retail network to 2,200 stores from 1,400 in 2008. In 2010 we plan to enter new provinces and develop select export markets in Asia to drive future growth.”
China Marine has set its 2010 goals at USD 100 million (EUR 74 million) in revenue and USD 21.5 (EUR 15.9 million) million in net income.
