November 16, 2009

China Marine Food Group, a processor of seafood-based snack foods and distributor of fresh and frozen marine catch, has reported a net income of US$3.2 million for the third quarter ended September 30, 2009, which was an on-year increase of 24.5 percent.

For the third quarter of 2009, the company's revenue reached US$13.4 million, a rise of 16.5 percent compared to the same quarter in 2008.

For the first nine months ended September 30, 2009, China Marine's revenue was US$44.7 million, up 26.5 percent compared to the same period last year. Meanwhile, the company's net income for the nine-month period was US$10.2 million, an on-year increase of 18.4 percent.

Liu Pengfei, CEO of China Marine Food Group, said the company's growth during the third quarter was mainly due to an expanded distribution network as well as solid profit margins in both its business segments, which yielded measurable improvements in its profitability.

He added that the company has seen increased sales in new regions like the Sichuan area and growth is accelerating in the Guangzhou and Shanghai territories, where there are enormous potential. As they bring the second phase of capacity expansion online, the company should be able to meet its revenue and net income guidance of more than US$60 million in revenues and US$14.3 million in net income for the 2009 fiscal year.