Sino Agro Food Inc (OTCBB:SIAF) reported revenue of $115.5 million for its consolidated 1Q2015 results, for the period ending March 31, 2015. It reported record revenue figures for the seventh consecutive quarter. The stockholders’ equity surged by $31.4 million measured on the weighted average number of company’s outstanding shares in the quarter.
The Company reported unrestricted cash/cash equivalents of $10.9 million. The working capital at the end of quarter was $254.5 million. As of May 12, the count of outstanding common shares has surged to exact 18,199,201 shares from 18,069,412 recorded at the end of 1Q2015.
Sino Agro reported that revenue from the sale of goods jumped 9% to $85.6 million in the first quarter. The declines in the organic fertilizer, fishery and plantation section were offset by robust growth in the cattle businesses. The sale of eels dropped $10.5 million because of seasonal factors, but it was partially offset by $6.6 million growth of prawn sales. The seasonal variation resulted in a net decline of $2.4 million in gross profits compared to 1Q2014.
During the quarter, Sino Agro substantially registered growth in deboning of imported beef, leading to revenue of $9.4M. ‘Consulting and Services Project Development’ revenue doubled to $29.9 million in 1Q2015 due to the Zhongshan New Prawn Project leading to jump of $7.1 million in overall gross profit.
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Solomon Lee, the President and CEO, said that the company achieved its internal estimates for the first quarter of fiscal. The company is an agricultural firm, so seasonal variations in wholesale prices and product mix will result in variations from quarter to quarter.
He added that as Sino Agro Food Inc (OTCBB:SIAF) starts with its second five-year plan, the prime growth elements are in place. The company intends to transform into a concentrated advanced aquaculture firm. For the purpose, it will make additional investments in the Zhongshan New Prawn Project.