China Marine sees 3Q revenue growth
China Marine Food Group on Wednesday announced its third-quarter results, including revenues of USD 13.4 million (EUR 9 million), up 16.5 percent from the same period last year.
The seafood-based snack foods producer and seafood distributor credited the revenue increase to growth in both its processed-seafood snack segment and its frozen-seafood trade, which jumped 11 percent and 115.7 percent, respectively, in the third quarter.
The Chinese company also increased its net income to USD 3.2 million (EUR 2.1 million), up 24.5 percent from the same period in 2008.
“Growth during the third quarter benefited from an expanded distribution network and solid profit margins in both our business segments yielded measurable improvements in our profitability,” said China Marine CEO Pengfei Liu.
“We were pleased to report increased sales in new regions like the Sichuan area and accelerating growth in the Guangzhou and Shanghai territories, where we see enormous potential,” added Liu. “As we bring the second phase of capacity expansion online, we anticipate a strong finish to the year and meeting our revenue and net income guidance of more than USD 60 million in revenues and USD 14.3 million in net income [in fiscal 2009].”
China Marine also announced that in the third quarter it reached its goal of increasing its production capacity 100 percent, to 20,000 metric tons, doubling its seafood-based snack foods line.