China Marine's Second Quarter Profits Increase
China Marine Food Group, a seafood processor and distributor in Fujian province, published its second quarter financial reports, announcing net income of $3.2 million, a 67.8 percent increase from the same period in 2007.
Total revenue from the second quarter of fiscal 2008 is $13.1 million, 51.3 percent more than the second quarter of 2007. Marco Ku, CFO of China Marine, credited the sales of processed seafood, such as Japanese butterfish, octopus and squid rings, that has doubled to a total of $12.4 million from the same period last year. In addition to the increased sales of processed seafood that accounted for 95 percent of China Marine's income, the company has launched three new products and added two master distributors in Shanghai and Guangzhou while overall sales have also grown organically.
Net profit margin increased slightly to 24.7 percent. The first half of 2008 is looking strong for China Marine, with a revenue of $23.8 million, an increased of 35.9 percent from the first half of 2007 while net income for the first half of this year is up 39.5 percent to $6 million.
CEO Liu Pengfei remarked that he was satisfied with the company's performance, although he expected more growth as production capacity is added. China Marine estimated a full production capacity increase by half, to 10,000 metric tons by the end of this year.
China Marine, prior to its IPO last November, was registered in Hong Kong under the name Nice Enterprise Trading (HK) Co. Ltd. China Marine owns 21 variants in its product portfolio, marketed under Mingxiang brand. Its products are exported to Russia, Ukraine, South Korea, Taiwan, Japan, Philippines and the United States.