China Marine posts record 2Q revenues

China Marine Food Group Limited earned a record USD 27.6 million in second-quarter revenues by expanding retail sales of its seafood snack line, the company reported on Monday.

The company, which manufactures Mingxiang® seafood-based snack foods and Hi-Power-branded marine algae-based beverages and distribute frozen seafood, said its 2Q revenues were up 86.8 percent from the same period in 2009.

“We are very pleased with our second-quarter results, which were driven by 36.1 percent organic growth in seafood snack food products line. We added an additional 400 retail points to our network and experienced year–over-year growth in every sales territory for our core product line,” said Pengfei Liu, CEO of China Marine.

"Sales of our new beverage line, Hi-Power, exceeded our expectations, as we experienced strong demand across our home province of Fujian,” said Liu. “We expect continued sales growth for our beverage segment in the second half of the year. Accordingly, we increased the number of Hi-Power sales and marketing staff from 23 at the beginning of the year to 188 currently as of June 30, 2010. In our recruiting effort, we have also retained top marketing talent from well-known international beverage brands to enable us a competitive edge in this fast-growing sector.”

The company’s second-quarter gross profits were USD 10.2 million, up from USD 4.9 million last year.

China Marine's continued focus on the sale of processed and packaged seafood snack foods produced USD 19.4 million in revenue, a 36.1 percent increase from USD 14.3 million earned in the second quarter of 2009, and accounted for 70.4 percent of total revenue in the second quarter of 2010.

China Marine added approximately 400 new retail locations that carry its snack foods. As of June 30, the total number of retail locations in China Marine’s network is approximately 2,900.

Total revenue for the first six months of fiscal 2010 was USD 47.2 million, up 50.8 percent from the prior year’s period. Gross profit in the first half of fiscal year 2010 was USD 16.8 million, an increase of 86.6 percent from the corresponding period last year.

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