November 16, 2010

China Marine Food posts Q3 net income rise

China Marine Food Group Limited, a manufacturer of seafood-based snack foods, marine algae-based beverages and a distributor of frozen marine catch, has reported a net income of US$4.16 million, or US$0.14 per diluted share, for the third quarter ended September 30, 2010.

This compares to a profit of US$3.23 million, or US$0.14 per diluted share, for the same quarter ended September 30, 2009.

For the third quarter of 2010, net revenue was US$22.66 million, compared to US$13.39 million, for the corresponding quarter of 2009.

Net income attributable to the company for the nine months ended September 30, 2010, was US$14.9 million, or US$0.51 per diluted share, compared to US$10.2 million, or US$0.44 per diluted share, for the same period of 2009. Net revenue for the nine months ended September 30, 2010, was $69.87 million, compared to US$44.7 million for same period of 2009.

"We are pleased to announce record third-quarter results, which benefitted from 31% organic growth in seafood snack food products line. We added an additional 100 retail points to our network and experienced on-year growth in the majority of the sales territories for our core product line," said Pengfei Liu, chairman and CEO of China Marine.