China Marine Food Net Income Increases 36%

The China Marine Food Group, a processor and distributor of fresh and processed seafood products, has reported a net income of $2.6 million, an increase of 36.4%, compared to $1.9 million in the same period of 2007.

The company’s net revenues for the third quarter of 2008 were $11.5 million, an increase of 36.3% or approximate $3.1 million over the same period of 2007. Gross profits improved 52% to $3.6 million, compared to $2.33 million in the third quarter of 2007.

For the first nine months of 2008, the company has reported a net income of $8.6 million, an increase of $2.4 million or approximately 38.3%, compared to the same period of 2007. Revenue increased approximately 36.1% to $35.4 million, compared to $26 million in the first nine months of 2007.

Pengfei Liu, chairman and CEO of China Marine Food, said: “Much has been reported about a downturn in the Chinese economy. While it is impossible for us to accurately predict the fallout of the global economic crisis and there is no doubt the export market has been significantly impacted, our belief is that consumer spending levels in China will be sufficient to enable us to meet our growth plans.”