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Sino Agro Food Q2 net income $9.3 million

Staff writer |
Sino Agro Food (SIAF) reported second-quarter net income of $9.3 million. The company said it had profit of 51 cents per share.

The engineering and consulting company posted revenue of $90.9 million in the period.

Cost of goods totaled $68.9M in Q2 2015: $62.2M for sale of goods and $6,7M for consulting and services.

Corresponding numbers in Q2 2014 were $64.7M (total), $58.0M (from sale of goods), and $6.7M (consulting and services).

Total gross profit decreased by $10.4M or 32% to $21.9M for Q2 2015 from $32.3M for Q2 2014.

Gross profit from sale of goods decreased by $4.5M or 18% to $19.8M in Q2 2015 from $24.3 in Q2 2014. Gross profit from consulting services decreased by $5.9M or 73% to $2.1M in Q2 2015 from $8.0M in Q2 2014.

SIAF CEO Solomon Lee summarized the quarter. "Second quarter results were disappointing, breaking a string of record quarters, due to several external factors coming together.

"Bad weather had a major impact on construction at ZSNP; supply of eel fingerlings remained limited; Madagascar introduced quotas to limit export of live seafood; and the price of live cattle declined sharply.

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