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.
Go deeper with GlobalData
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.
See Also:
Shares in the manufacturer were up 5.99% in after-hours trading to US$3.84 a share at 7:26 EST.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataClick here for the company’s earnings statement.
