May 18, 2009

China Marine Food Group, a processor of seafood-based snack foods, has reported a net income of US$3.25 million, for the first quarter ended March 31, 2009, which was a 16.4-percent increase compared to the US$2.79 million achieved in the same quarter of 2008.

For the first quarter of 2009, the Group's net revenues were US$16.55 million, which was an on-year rise of 53.5 percent. Meanwhile, its gross profit reached US$4.10 million, a rise of 13.9 percent or US$500,000 compared to the same period last year.

According to Liu Pengfei, chairman and CEO of China Marine Food Group, the recently signed agreement between its Shanghai distributor and a major Shanghai-based convenience store chain is expected to contribute considerably to the Group's growth for 2010 as a significant number of new retail points will be added to broaden its outreach in the market.