Sino Green Land second quarter net sales climb 37% as new initiatives take hold
Fruits and vegetable distributer Sino Green Land Corporation (OTCBB:SGLAE) reported better second quarter results as the company started to benefit from recent initiatives designed to improve its security of supply from farmers.
The New York listed, China focused group reported a 36.7% gain in
second quarter sales of US$29.8 million, while gross profits climbed
28.5% to US$2.8 million. The increase in sales was due to higher
volumes and higher prices.
Adjusted net income came in at US$2.2 million, or 1 cent per
diluted shares, and the company ended the quarter with US$4.1 million in
cash and no long-term debt, partially thanks to a US$3.4 million
private placement that was completed during the quarter.
" We attribute this [second quarter] success to a number of
initiatives. Most importantly, we leased additional land and acquired
first priority purchase rights from new farming cooperatives earlier
this year. These land leases allow us to lock in a guaranteed supply of
produce from farmers across China and, in return, provide them a stable
outlet for their produce,” Anson Fong, Chairman of Sino Green Land,
commented.
Sino Green Land distributes various produce including Fuji apples, emperor bananas and tangerine oranges.
Looking ahead, Fong added that the construction of a new green
food hub, the first to be built in China, will further boost the
company’s quality control and allow the company to grow at ‘double digit
rates for the foreseeable future’
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