China Marine Food Group Q4 revenue surge 85%

Hong Kong-based China Marine Food Group on Monday announced a US$24.7 million revenue increase for the fourth quarter, up 85% from the same time period in 2008.

The seafood-based snack foods producer and seafood distributor saw profit also increased nearly 55% to US$5.8 million and net income was up 74% to US$4.4 million.

Revenue for the entire year was also up 42% from 2008, to US$69.6 million, as was profit up nearly 30% to US$19.1 million.

Instrumental in the company reaching its sales goals was the third-quarter completion of a new manufacturing facility that increased its production capacity from 10,000 tonnes to 20,000 tonnes annually.

The company also credits strong demand in the fourth quarter due to retailers' preparations for Chinese Lunar New Year celebrations.

"We were very pleased to exceed both our revenue guidance of US$60 million and net income guidance of US$14.3 million for the year," said Pengfei Liu, CEO and chairman.

Liu noted that the company plans to enter new provinces and develop select export markets in Asia to drive future growth in 2010. China Marine has set its 2010 goals at US$100 million in revenue and US$21.5 million in net income.