Sino-Global Shipping America Q1 2019 revenues increased 20.8%
Total revenues increased by 20.8% to approximately $6.5 million for the three month period ended September 30, 2018, compared to approximately $5.4 million in the period ended September 30, 2017.
This increase was due to the company's business development efforts in freight logistics.
The company's gross profit for the period was approximately $1.4 million, compared to $1.7 million for the same period in the prior year. Gross profit margin during the period was 21.8% compared to 31.9% for the same period last year.
The operating loss for the three months ended September 30, 2018 was approximately $1.4 million, compared to an operating income of approximately $0.9 million for the same period ended September 30, 2017.
The operating loss was mainly due to increases in selling, general and administrative expenses (SG&A expenses), which included increases in stock compensation and certain provisions for double accounts due to slower collections from customers in the inland transportation segment.
The company has maintained long-term relationships with certain large customers and continues to monitor the collection closely with respect to its trade accounts receivable.
For the three months ended September 30, 2018, provision for doubtful accounts was $871,081.
For the same period in 2017, recovery of doubtful accounts $24,536 was reocrded due to collection of accounts receivable which the Company made a provision during previous period.
As the company continues to maintain long-standing relationships with its customers, monitor payments closely and does not believe there are any significant collection issues with respect to trade accounts receivable.
For the three months ended September 30, 2018, the Company reported a net loss of approximately $1.3 million, or $(0.10) per diluted share based on weighted average diluted shares outstanding of 13,145,535, compared to a net income of approximately $0.6 million, or $0.07 per diluted share based on weighted average diluted shares outstanding of 10,157,625, for the same period in prior year. The decrease was due to the increase in SG&A expenses discussed above. ■