US snack food firm China Marine Food Group saw its losses narrow in the first half despite falling sales.

The company reported a net loss of US$2.5m in the six months to the end of June, compared to a net loss of $3.7m in the prior year period.

Lower operating costs helped China Marine’s bottom line. Net revenues dropped to $48.8m from $76.4m a year earlier.

Sales of China Marine’s seafood snacks and algae-based drinks were up. However, marine catch revenues fell amid lower selling prices, which led the company to hold back stock for higher prices in the third and fourth quarters.

CEO Pengfei Liu said the performance suffered from a slowdown of consumer demand in China.

However, he added: “Based on feedback from our distributors and our continued efforts to keep our brand and products in front of consumers, we expect that the second half of the year will continue to improve.”

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.

Company Profile – free sample

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 GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.