Sino-Global Shipping America, Ltd. (NASDAQ:SINO) was powering higher in the market after posting better than expected first quarter earnings for the fiscal year 2017. Net income more than doubling to highs of $637,785 from lows of from $155, 048 appears to have triggered strong interest in the stock. Cash and cash equivalents rising to highs of $1.5 million for the three months ending September 30, 2016, all but continues to affirm the company’s growth prospects going forward.
The stock was trading at highs of $4.20 a share in Wednesday trading session having rallied by more than 30%. It now awaits to be seen if the upward momentum will break the current tight trading range of between $3.23 and $5.45 a share. The stock also faces an uphill task to break above its 52-week high of $14.2 a share.
According to chief executive officer, Lei Cao, their main objective at the moment is realigning the company’s operations so that it meets the needs of the ever-evolving market. Improving logistics side of the business is one of the areas that they are working on as part of an effort that seeks to alleviate the challenges that come into being on operating in multiple regions.
Sino Global Core Objective
Sino Global is currently working on an internet based application that it says once unveiled will help provide full-service logistics platform for U.S and China Short Haul Tracking companies
“Our Company offers a unique value proposition that is well-equipped to help connect logistics and supply chains. By the end of this calendar year, Sino-Global expects to launch a fully functional internet-based portal where shippers can connect with independent trucking organizations. We will manage this portal and provide a one-stop shop where both parties can directly communicate for the delivery of shipments,” said, Mr. Cao.
Sino-Global Shipping America, Ltd. (NASDAQ:SINO) expects the new system to go a long way in enhancing productivity and conveniences among companies using it. Sino has already started to generate revenues from freight logistics services business, with the new platform only expected to support efforts on this front.