Record third quarter for China Marine


SeafoodSource staff

Published on
November 9, 2010

China Marine Food Group on Tuesday released its third-quarter results, including a 69.2 percent increase in revenues to USD 22.7 million.

Meanwhile, the company’s third-quarter profit increased 94.2 percent to USD 8.3 million, and its net income jumped to USD 4.2 million, up 28.9 percent from the third quarter of 2009.

China Marine also announced that an additional 100 retail outlets now carry Mingxiang brand snack foods, resulting in sales of seafood-snack foods of USD 15.9 million, up 31 percent from the third quarter of 2009, accounting for 70 percent of the company’s total third-quarter revenue.

China Marine’s frozen seafood division contributed revenue of USD 100,000, compared to USD 1.3 million in 2009.

“We are pleased to announce record third-quarter results, which benefited from 31 percent organic growth in seafood snack food products line. We added an additional 100 retail points to our network and experienced year-over-year growth in the majority of the sales territories for our core product line,” said Pengfei Liu, chairman and CEO of China Marine.

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