Seafood snacks manufacturer China Marine has reported a jump in first-quarter net income as the company saw sales grow in both its seafood snacks and Hi-Power beverage divisions.
The company said yesterday (9 May) that net income was up 43.1% at US$5.6m for the quarter ended 31 March, while net sales rose 35.7% to $26.7m.
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Sales of its processed and packaged seafood snacks were up 20.4% to $19.9m, due to strong sales in the Fujian and Zhejiang provinces. Seafood snacks accounted for some 74.5% of total revenue in the first quarter of 2011.
Meanwhile, revenues of its Hi-Power algae-based beverage line reached $6.7m against $2.8m in the first quarter of 2010, when China Marine acquired the brand. Sales were driven by orders in the company’s home province of Fujian.
The company is forecasting a 22.3% increase in full-year revenue and 16.1% consolidated adjusted net income growth.
Chairman and CEO Pengfei Liu said: “Our first-quarter results reflect strong demand for our seafood snacks and ‘Hi-Power’ beverages. We made solid progress by expanding distribution for Hi-Power to 14,000 retail points in total. By penetrating more retail outlets, winning a broad customer base and supporting this expansion with enhanced brand building advertisements and marketing, we expect to maintain strong organic sales growth.”
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By GlobalData
