March 4, 2011

China Marine Food's Q4 earnings surge 41%

Processed seafood-products maker China Marine Food Group Ltd Wednesday (Mar 2) reported fourth-quarter net income of US$6.2 million or $0.21 per share, compared to net income of $4.4 million or $0.18 per share in the same period last year.

Excluding $0.6 million of non-cash, amortisation of intangible assets related to acquisition, net income was $6.8 million or $0.24 per share.

Net sales more than doubled to $52.8 million from $24.9 million in the comparable quarter a year ago.

Looking ahead to full year 2011, the company expects adjusted net income of $27.3 million and revenue of more than $150 million.