PR Newswire
GUANGZHOU, China, May 21, 2018
GUANGZHOU, China, May 21, 2018 /PRNewswire/ -- Sino Agro Food, Inc. (OTCQX: SIAF) (OSE: SIAF-ME), a specialized investment company focused on protein food including seafood and cattle announces results for the quarter ending March 31, 2018.
Dividend Approval
Under the advisement of its Board of Directors, the Company has decided to issue the following cash dividends for Fiscal Years 2018 and 2019:
It is the Company's intention to carry-forward the cash dividend policy being implemented for FY2019 into subsequent years of operation, and will inform its investors as to its cash dividend policy for FY2020, FY2021, etc. as those years approach.
Financials
Revenue from the sale of goods decreased USD 26.1M, or 45.5%, to USD 31.3M for the quarter ended March 30, 2018 when compared on a year over year basis ("YoY"). When compared to Q4 2017, revenue from the sale of goods during Q1 2018 increased USD .6M or 2%. Revenue from project development increased USD 1.8M, or 225%, to USD 2.5M sequentially ("QoQ").
First quarter gross profits totaled USD 6.1M compared to a loss of USD 7.9M QoQ.
Fully diluted earnings per share were USD .17 in the first quarter versus USD .36 YoY and versus a loss of USD 1.04 QoQ.
Overview
Results reflect a reprioritization of businesses according to bottom line performance and guided by stricter cost control and capital expense rationale for each. For instance, throughout 2017:
As demonstrated by Q1 financials, these changes have resulted in a smaller, but more profitable company, one situated on more solid footing, positioned for growth stronger than before.
It should be noted that the pace and duration of some of the adverse market conditions required immediate action be taken by the Company could not be fully anticipated. Hence, a consequential cash shortfall had ensued requiring an issuance of shares to cover some of the ordinary operational expenses that typically would have been covered through ordinary cash-flow levels in the past.
The Company has adopted austere measures to reduce its dependence on equity funding by approaching it as the exception rather than the rule when it comes to determining which modes of operation are necessary to maintain the Company's outlook over the next two years.
Other Key Points
Annual Comparison | |||
(USD M, except per share and margin data) | Q1 '18 | Q1 '17 | % |
Revenue | 33.7 | 70.6 | (52)% |
Gross Profit | 6.1 | 14.4 | (58%) |
Gross Profit Margin | 18.1% | 20.4% | (11%) |
Earnings Per Diluted Share (FD) (USD) – from continuing | .17 | .36 | (53%) |
Sequential Comparison
The Company achieved the following results, comparing the first quarter of 2018 to the fourth quarter of 2017:
(USD M, except per share and margin data) | Q1 '18 | Q4 '17 | % |
Revenue | 33.7 | 31.4 | 8% |
Gross Profit | 6.1 | (7.9) | N/A |
Gross Profit Margin | 18.1% | N/A | N/A |
Earnings Per Diluted Share (FD) (USD) – from continuing | .17 | (1.04) | N/A |
The following table breaks out revenue by business segment, comparing the first quarter of 2018 to the fourth quarter of 2017:
Revenue (USD M) | Q1 '18 | Q4 '17 | % |
Integrated Cattle Farm (SJAP) | 6.6 | 15.4 | (44%) |
Organic Fertilizer (HSA) | 2.4 | 1.8 | 33% |
Cattle Farms (MEIJI) | 5.0 | (2.7) | N/A |
Plantation (JHST) | 1.0 | 1.1 | (9%) |
Seafood & Meat Trading | 16.4 | 15,0 | 9% |
Sale of Goods Total | 31.4 | 30.6 | 3% |
| | | |
Project Development Total | 2.5 | .8 | 200% |
Group total | 33.7 Werbung Mehr Nachrichten zur Sino Agro Food Aktie kostenlos abonnieren
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