China Marine has racked up full-year losses, as higher operating expenses more than offset a rise in sales.
The company said operating profit in the 12 months to end-December fell to a loss of US$3.2m, down from a profit of $10.4m in 2011. Operating expenses were up 82.9% in the period and the company ramped up its investment in marketing and promotions.
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Net profit for the 12 months was down 152.4%, dropping to a loss of $4.5m.
Nevertheless, the group was upbeat on its sales performance, which was driven by an increase in revenue from its Hi-Power beverage business.
The company’s sales of seafood snacks had been hit over food safety concerns in the wake of the Japanese earthquake. However, China Marine emphasised that sales had seen year-on-year growth in the third and fourth quarters.
Net revenues for the twelve months totalled $157.3m, compared to $143.9m in 2011.
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