(RTTNews) - Thursday, seafood products maker China Marine Food Group Ltd (CMFO:
News ) said it expects a significant rise in profit for 2010, reflecting expansion in production line capacity and higher revenue as a result of better performance in its sales territories.
The Shishi City, China - based company expects net profit of US$18 million for the fiscal 2010. For the full year ending December 31, 2009, the company's earnings forecast is in excess of US$ 14.3 million.
The company noted that additional sales, stable margins and efficiencies resulting from the company's recent production line capacity expansion to 20,000 tons per annum shall boost earnings for the 12-month period.
Revenue outlook for the fiscal 2010 is above US$ 80 million, while for the full year 2009 China Marine's revenue forecast is in excess of US$ 60 million.
According to the company revenue growth forecast is based on current sales from China Marine's existing distribution network of 19 master distributors in seven Chinese provinces. The company sees strong performances from Jiangsu and Shanghai sales territories and continued growth in Guangdong and Sichuan Area, including the cities of Chengdu and Chongqing.
China Marine also looks ahead to launch a number of new products, add new sales territories to their network and secure product placements at additional retail food chains with China Marine's Mingxiang branded seafood snack foods.
Chairman Pengfei Liu said, "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."
For the nine month period, 2009, the company recored a profit of US$ 10.20 million or US$ 0.44 per share compared to US$ 8.62 million or US$ 0.37 per in the comparable period last year. Net revenue for the period was US$ 44.70 million, higher than US$ 35.35 million in the previous year.
CMFO is currently trading at $5.68, up $0.58, on the AMEX.
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by RTT Staff Writer
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