http://www.businesswire.com/news/home/20091106005377/en
Net Income of $.08 for 9 Months Ending Exceeds Entire FY 2008
GUANGZHOU, China--(Business Wire)--
Sino Agro Food, Inc. (Pink Sheet:SIAF), an emerging integrated, diversified
agriculture technology and organic food company with subsidiaries operating in
China, is pleased to announce the unaudited results of 3rd quarter operations.
3rd Quarter Results 9 Months Ending
Revenue $4,853,126 $13,102,465
Gross Profit $3,144,336 $9,173,493
Net Income $1,708,790 $4,262,235
Diluted Earnings per Share $.03 $.08
Net Assets $55,305,630 $55,305,630
Net Assets per Share $1.04 $1.04
For the nine months period ending September 30th, 2009, the company reported
revenue of $13.1M, representing 85% of the $15.5M total revenue generated in
2008. Gross profit during the same period was $9.1M, representing an 18%
increase over $7.8M in fiscal year 2008. Net Revenue for the nine months ending
was $4.2M, representing an 8% current gain over the $3.9M in fiscal year 2008.
Earnings per share for the nine months ending were $.08 versus $.07 for entire
fiscal year 2008.
Gross margins increased due to reduction of dependency on feed suppliers in 2009
as the company begin utilizing its own in house production of organic feed from
its own cropping fields. Surplus feed was then sold further enhancing overall
margins. Gross margins were further reduced for 3rd quarter due to the limited
requirements for cultivation, fertilizer and seedlings.
Net assets grew 8% to $55.3M or $1.04 per share in the nine month period ending
2009 from $51M, or $.96 per share for fiscal year 2008. The Company`s debt to
equity ratio was reduced to 32.2% during the nine months ending from 34% in
fiscal year 2008.
The Company will post the complete financial report to pinksheets.com in the
near future.
Mr. Lee Solomon, Sino Agro Food, Inc. CEO, stated, "Management will focus on two
areas that will improve the Company`s bottom line moving forward. First, we will
continue to develop and cultivate additional land to increase our livestock feed
output. Second, we will begin developing a marketing network to launch our dairy
products into the retail markets of Beijing City which is only 90 kilometers
away from our dairy farm and processing center. By shifting a portion of our
bulk sales to retail, we will be able to increase our revenue even further."
Beacon Equity Research recently published an equity report providing an overview
of Sino Agro Food, Inc. This report may be viewed at
http://siafchina.com/download/SIAF.pdf. Additional information about the Company
may be obtained at http://www.pinksheets.com.
ABOUT SINO AGRO FOOD, INC.
Sino Agro Food, Inc. ("SIAF") (http://www.siafchina.com) is an integrated,
diversified agricultural technology and organic food company focused on
developing, producing and distributing agricultural products in the Peoples
Republic of China. The Company intends to focus on meeting the increasing demand
of China`s rising middle class for gourmet and high-quality food items. Current
lines of business include the manufacture and distribution of Bio-Organic
Fertilizer and Stock-Feed, as well as, fisheries, dairies, and Hylocereus
Undatus plantations. SIAF`s products are produced to meet the high organic
quality standards of the United Kingdom. SIAF is owner of a patented process;
the conversion of corn stalk into high quality feed for livestock and is the
"Master Licensee" for China with exclusive right to a patented Bacterial used in
converting food based agriculture produce wastes into nutritional feed products
that are also applicable in the manufacturing of Bio-Organic fertilizer. The
Company also holds the "Master License" for China on a modern re-circulating
Aquaculture Technology "A Power RAS Technology" that has the capacity to
commercially grow quality table fish and seafood free from chemical and
pollution in enclosed modules on land in a system designed to promote economic
sustainability and viability. Currently the Company has total employment of 520
persons of which 60 are skilled and experienced management staff.
FORWARD LOOKING STATEMENTS
This release contains certain "forward-looking statements" relating to the
business of SIAF and its subsidiary companies, which can be identified by the
use of forward-looking terminology such as "believes, expects" or similar
expressions. Such forward-looking statements involve known and unknown risks and
uncertainties that may cause actual results to be materially different from
those described herein as anticipated, believed, estimated or expected. Certain
of these risks and uncertainties are or will be described in greater detail in
our filings with the Securities and Exchange Commission. These forward-looking
statements are based on SIAF`s current expectations and beliefs concerning
future developments and their potential effects on SIAF. There can be no
assurance that future developments affecting SIAF will be those anticipated by
SIAF. These forward-looking statements involve a number of risks, uncertainties
(some of which are beyond the control of the Company) or other assumptions that
may cause actual results or performance to be materially different from those
expressed or implied by such forward-looking statements. SIAF undertakes no
obligation to publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, except as may be
required under applicable securities laws.
Sino Agro Food, Inc.
CEO Mr. Solomon Lee, 86-20-22057860
info@siafchina.com
Copyright Business Wire 2009
