August 12, 2010

China Marine Food Group's profits surge in Q2

China Marine Food Group, a processor, distributor and seller of processed seafood-based snack foods, has posted a dramatic rise of 83.1% in net income during the period from April to June.

The group reported a net income of US$6.82 million, or $0.26 per diluted share, for the second quarter ended June 30, 2010, compared to US$3.72 million, or $0.16 per diluted share, for the second quarter ended June 30, 2009.

Revenue for the second quarter of fiscal 2010 was US$27.56 million, an increase of 86.8%, compared to $14.76 million for the second quarter of fiscal 2009.

Net income attributable to the company for the first six months ended June 30, 2010 was US$10.74 million, or $0.41 per diluted share, an increase of 54.1%, compared to US$6.97 million, or $0.30 per diluted share, for the first six months ended June 30, 2009.

Revenue for the first six months of fiscal 2010 was US$47.21 million, an increase of 50.8%, compared to $31.3 million for the first six months of fiscal 2009.

Pengfei Liu, chairman and CEO of China Marine Food Group, said: "We are very pleased with our second quarter results, which was driven by 36.1% organic growth in seafood snack food products line. We added an additional 400 retail points to our network and experienced on-year growth in every sales territory for our core product line."