Chinese seafood processor China Marine Food Group continued its strong start to 2009 with a jump in second-quarter earnings.
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The group, which processes seafood-based snack foods, and fresh and frozen marine, reported a 15.2% rise in net income to US$3.7m for the three months to June.
Revenue climbed 12.9% to $14.8m, with the company’s Mingxiang contiuing to make up the lion’s share of sales.
“We were pleased to deliver a quarter in which our snack food segment drove nearly all of our revenues and earnings growth for our Company”, said CFO Marco Ku.
“Our ability to maintain margins in our retail snack food segment is a testament to market demand for our products supported by strong brand equity among consumers.”
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By GlobalDataKu added: “Though the financial crisis has had an impact on several sectors in China, mainly export, domestic retail foods continue to show growth nation-wide as consumers embrace a broader variety and higher quality food choices.”
First-half net income stood at $7m, against $6m a year earlier. Turnover was up over 31% at $31.3m.
Meanwhile, China Marine said it had struck a distribution deal for the cities of Chengdu and Chongqing.
“Our entrance into Sichuan marks an important milestone for our company as we expand into the interior of the country, a new frontier from the coastal provinces currently served,” said chairman and CEO Pengfei Lu.
