China Marine optimistic about ‘10

China Marine Food Group on Thursday announced that it expects its revenues and net income to increase significantly in fiscal 2010.

The seafood-based snack foods producer and seafood distributor projects its 2010 revenues to exceed USD 80 million (EUR 53.6 million) and its net income to reach 18.0 million (EUR 12.1 million).

China Marine is on track to post revenues of USD 60 million (EUR 40.2 million) and a net income of USD 14.3 million (EUR 9.6 million) in fiscal 2009. Last week, the Shishi, China-based company reported third-quarter revenues of USD 13.4 million (EUR 9 million) and a net income of USD 3.2 million (EUR 2.1 million).

“We are confident that our distribution base will meet our targets for the year and our goals to expand their respective customer base,” said China Marine Chairman Pengfei Liu. “We see a continued pace of growth for the balance of 2009 and through 2010.”

Next year, China Marine plans to launch a number of new products, add new sales territories to its network and expand its number of retail customers.

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