August 17, 2010

China Marine posts record Q2 revenues

China Marine Food Group Limited earned a record US$27.6 million in second-quarter revenues by expanding retail sales of its seafood snack line, the company reported on Monday.

The company, which manufactures Mingxiang® seafood-based snack foods and Hi-Power-branded marine algae-based beverages and distribute frozen seafood, said its Q2 revenues were up 86.8% from the same period in 2009.

China Marine CEO Liu Pengfei said second-quarter results were driven by 36.1% organic growth in seafood snack food products line, together with an additional 400 retail points to its network. Also, the company experienced year-over-year growth in every sales territory for its core product line.

The company's second-quarter gross profits were US$10.2 million, up from US$4.9 million last year.

China Marine's continued focus on the sale of processed and packaged seafood snack foods produced US$19.4 million in revenue; a 36.1% increase from US$14.3 million earned in the second quarter of 2009, and accounted for 70.4% of total revenue in the second quarter of 2010.

China Marine added approximately 400 new retail locations that carry its snack foods. As of June 30, the total number of retail locations in China Marine's network is approximately 2,900.

Total revenue for the first six months of fiscal 2010 was US$47.2 million, up 50.8% from the prior year's period. Gross profit in the first half of fiscal year 2010 was US$16.8 million, an increase of 86.6% from the corresponding period last year.