Chinese seafood snack company China Marine Food Group has reported “record revenues” for 2010 on the back of accelerated fourth-quarter sales growth.
The company announced yesterday (2 March) that net income rose 45.1% to reach US$21.1m, while net sales was up 76.3% at $122.7m.
During the fourth quarter, net income rose 42.9% to reach $6.2m, while net sales more than doubled to $52.8m.
Commenting on the results, China Marine Foods chairman and CEO Pengfei Liu said: “2010 was a transformational year for China Marine for several reasons. First, we entered a new growth business by acquiring ‘Hi-Power’ beverages in January of 2010. After incorporating improved labeling and packaging, ‘Hi-Power’ sales exceeded our expectations during its first year where we only penetrated the Fujian market.”
Liu also attributed the strong revenue growth to gains in its Mingxiang-brand of seafood snacks and to “consistent contributions” from its marine catch business.
Shares in the manufacturer were up 5.99% in after-hours trading to US$3.84 a share at 7:26 EST.
Click here for the company’s earnings statement.