Snack food group China Marine said it sees “tremendous” growth opportunities ahead after returning to profit in the first quarter of the year.
The US-listed company, which makes seafood-based snacks and distributes frozen catch, recorded a net profit of US$0.6m in the three months to the end of March. This compared to a net loss of $2m last year.
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Adjusted net earnings, taking out assets related to an acquisition in the quarter, amounted to $1.1m versus a loss of $0.8m last year.
Sales in the quarter climbed 42.4%, driven by sales of the firm’s Mingxiang seafood snacks and Hi-Power beverages businesses, which both recorded double-digit sales year-on-year.
“After a number of difficult quarters, we are pleased to witness sales of our core product lines bounce back nicely,” CEO Pengfei Liu said. “For the third consecutive quarter, sales of our Mingxiang seafood snacks and Hi-Power beverages increased year-over-year, reflecting strength in our brands. We see tremendous growth opportunities ahead, driven by further improvements in our sales force efficiency and expanded distribution in select new markets and new retail points of sale.”
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