Chinese snacks business China Marine Food Group believes it will enjoy higher sales and earnings in 2010 after its January acquisition of a local drinks firm.
The company said yesterday (22 March) that it was targeting annual sales of US$100m and full-year net income of $21.5m after its purchase of Shishi Xianghe Food Science and Technology Co.
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China Marine reported “record” annual results for 2009, with turnover up 42.6% to $69.6m and net income rising 30.9% to $14.6m.
“China Marine experienced strong demand during the fourth quarter for both our processed seafood-based snack foods and marine catch product lines as retailers prepared for the Chinese Lunar New Year celebrations. The additional capacity we added during the year was instrumental in meeting our sales goals,” said chairman and CEO Pengfei Liu.
Fourth-quarter revenue leapt 85% to $24.9m. Net income reached $4.4m, compared to $2.5m in the fourth quarter of 2008.
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