China Marine Food Group Limited (CMFO) said that it now expects 2010 revenues will be greater than $80.0 million. The Company expects 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.
As a goal in 2010, China Marine also expects 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.
Net income is also expected to increase significantly for the 2010 year. A combination of additional sales, stable margins and efficiencies resulting from the Company's recent production line capacity expansion to 20,000 tons per annum is expected to contribute to China Marine's net income guidance of $18.0 million by the end of the fiscal year, 2010.
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