Sino-Global Shipping America, Ltd.(NASDAQ:SINO) posted its operating and financial report for the quarter closed September 30, 2016. The firm has offered extensive industry information in its Form 10-Q, and management motivates shareholders to assess the document for Sino-Global’s background operations and history as well as plans for the coming fiscal.
Total revenues for the quarter closed September 30, 2016 came at $1.9 million against $2.7 million in the comparable period for the preceding year. The decline was mainly due to the dropped revenues generated from shipping agency services division due to the declined number of ships served. Additionally, due to close of the vessel acquisition, sales from chartering and shipping services segment declined to nil.
The management view
Mr. Lei Cao, the CEO of Sino-Global, reported that they continue to function in an industry that keeps on changing. Sino-Global must advance to fulfill the market needs. They have maintained the firm’s ultimate objective of easing the challenge of logistics across numerous regions across the world. In August, the company reported the development of an internet-based app that will offer a full-service logistics base between China and the US to short-haul trucking firms in the U.S.
Sino-Global provides an innovative value proposition that is well-resourced to help connect supply chains and logistics. By the close of this calendar year, the company projects to introduce a fully operational internet-based portal where transporters can link with independent trucking firms.
The management will manage this portal and offer a one-stop place where parties can communicate for the shipments delivery. They have developed the system to enhance convenience and productivity for the partners and customers while offering company with a stable fee income from offering the connection.
The company is thrilled about the launch and in FY2017, they started to record revenues from freight logistic services. In the coming months, they anticipate to associate with numerous trucking operators as they rollout the portal and improve its functionality.