All business segments of Sino Agro Food recorded gross profits
Christian Fernsby ▼ | May 18, 2019
Sino Agro Food announced results for the quarter ending March 31, 2019.Article continues below
All business segments of Sino Agro Food recorded gross profits in the first quarter, totaling USD 5.0 M.
Fully diluted GAAP earnings totaled USD .8M or USD .01 per share.
This includes a loss of USD .4 M in "other income," which is comprised in large part by net income from SIAF's equity interest in Tri-Way Industries and a restructuring charge related to loans.
Adding net operational income from SIAF's interest in its unconsolidated investee of USD 2.4 M, total net income from operations was USD 3.3 M or USD .07 per share.
Total revenue decreased USD 4.4 M, or 13%, to USD 29.3 M for the quarter ended March 31, 2019 when compared to the corresponding 2018 quarter.
Revenue from the sale of goods decreased USD 3.0M, or 9.6% from USD 31.3 M to USD 28.3.
SJAP's yearly revenue decline accounted for USD 2.5 M, as that business has been restructured to better align cost structure until (or if) market prices for domestic beef recover.
Trading sector revenue declined by USD 3.6M, year over year due primarily to the Chinese Lunar New Year starting later than in 2018, disrupting logistics and transportation services, resulting in a delay in deliveries of goods.
These declines were offset by a revenue increase of USD 3.2 M, or 64%, in the cattle farms sector (MEIJI).
Revenue from project development declined by USD 1.5 M to USD 1.0 M due to Tri-Way's further tightening of capital expenditure. ■ What to read next
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