US snack food firm China Marine Food Group saw its losses narrow in the first half despite falling sales.
The company reported a net loss of US$2.5m in the six months to the end of June, compared to a net loss of $3.7m in the prior year period.
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Lower operating costs helped China Marine’s bottom line. Net revenues dropped to $48.8m from $76.4m a year earlier.
Sales of China Marine’s seafood snacks and algae-based drinks were up. However, marine catch revenues fell amid lower selling prices, which led the company to hold back stock for higher prices in the third and fourth quarters.
CEO Pengfei Liu said the performance suffered from a slowdown of consumer demand in China.
However, he added: “Based on feedback from our distributors and our continued efforts to keep our brand and products in front of consumers, we expect that the second half of the year will continue to improve.”
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By GlobalData
