China Marine Food Group reports increase for Q1 net income

China Marine has reported a net income of US$3.92 million for the first quarter ended March 31, 2010, compared to US$3.25 million for the same period last year.

Net sales for the first quarter of fiscal 2010 were US$19.65 million, compared to US$16.55 million for the first quarter of fiscal 2009.

Gross profit for the first quarter of fiscal 2010 was US$6.61 million, compared to US$4.1 million for the first quarter of fiscal 2009.

Pengfei Liu, chairman and CEO of the company, said, "Sales of our Mingxiang seafood snack products grew briskly and were the most significant contributor to revenues in the first quarter of 2010. Our two major sales regions, Fujian and Zhejiang, showed substantial growth and were supported by a 25% increase in the number of regional sales managers which now total 30.

"We also expanded our retail footprint by over 10% to 2,500 locations where consumers can currently purchase Mingxiang products. In addition, our acquisition of 'Hi-Power' marine algae-based beverages had an immediate impact on our revenue in the first quarter of 2010. We anticipate continued growth of Mingxiang seafood snack foods and 'Hi-Power' beverages throughout 2010 which will enable us to reach our revenue goal of US$100 million by the end of the year."