China Marine Food Group Ltd., a China based processor and distributor of seafood products, today announced revenue and net income guidance figures for the year 2010, showing anticipated increases in revenue and net income.
The company is now forecasting 2010 revenues of greater than $80.0 million, based on current sales from China Marine’s existing distribution network of 19 master distributors in seven provinces throughout China. The forecast anticipates strong performances from the sales territories of Jiangsu and Shanghai, plus continued growth in Guangdong and the Sichuan area, including the cities of Chengdu and Chongqing. China Marine also plans to launch a number of new products, as well as add new sales territories to their network, and secure product placements at additional retail food chains with the company’s Mingxiang® brand seafood snack foods.
In addition, higher sales, together with stable margins and improved efficiencies due to production line capacity increases, are expected to significantly increase net income to $18 million by the end of fiscal 2010.
China Marine chairman, Pengfei Liu, commented on the numbers. “We are confident that our distribution base will meet our targets for the year and goals to expand their respective customer base. We see a continued pace of growth for the balance of the year, 2009, and leading through 2010.”
China Marine Food Group Ltd. makes and distributes seafood-based snack foods, as well as fresh and frozen marine catch products, to seven provinces in China. Founded in 1994 in the large coastal province of Fujian, the company has grown steadily, and is committed to the highest standard of quality control with the ISO9001, ISO14001, HACCP certification, and EU export registration. It has received both the “Green Food” award and “The Famous Brand” award. China Marine has made its Mingxiang brand a category leader in 2,200 retail sales points in China.