Higher sales and marketing costs pushed China Marine to a net loss in the first half of the year.
In the six months to the end of June, the China-based seafood snack group recorded a net loss of US$2.79m , compared to earnings of $8.9m last year.
The company also made an operating loss in the period, of $3.5m from an operating profit of $7.9m in the prior-year. The company recorded sales and marketing expenses in the six months of $13.3m versus $5.5m last year.
Sales, however, climbed 56.7% to $76.37m as revenues recovered from the effects of the Japanese earthquake.
“We are still feeling the lingering effects in consumer perception of food and beverage safety in seafood and canned beverages from two completely unrelated instances in Japan and Taiwan,” chairman and CEO Pengfei Liu said. “As a result, we maintained an elevated level of investments in advertisements and promotions to communicate the safety and value of our products.”
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
