Sino Green Land Reports $80.0 Million in Revenue and $3.1 Million of Net Income for the First Six Months of 2011
Guangzhou, China – August 15, 2011 – Sino Green Land Corporation (OTCBB: SGLA), a leading distributor of high-end fruits in China, today announced its reported financial results for the six months ended June 30, 2011.
First half 2011 highlights (year-over-year):
Sales were $80.0 million, an increase of 26.4%
Gross profit was $8.0 million, an increased 18.8%
Net income was $3.1 million
No long-term debt.
Shareholder’s equity of $62.7 million
Mr. Xiong Luo, Chief Executive Officer of Sino Green Land, commented, “We had record revenue for the six months ended June 30, 2011. Our unique business model for the wholesale fruit distribution operations continues to deliver solid results. During the second quarter, we also leased another 1,100 acres of apple plantation from the cooperative farming group. This additional land should help grow our top and bottom lines next year.”
Mr. Luo continued, “The construction of our Metro Green distribution center is nearly complete and we are entering the planning stage for its operations. We believe the Metro Green distribution center should help not only increase the availability of healthy foods in China but also establish a reputable channel for green, organic and imported food products.”
Revenue for the six months ended June 30, 2011 increased 26.4% to $80.0 million, as compared to $63.3 million for the six months ended June 30, 2010. This increase was mainly due to higher selling price of apples, which accounted for more than 86% of sales in the June 2011 period. Our gross profit increased approximately $1.3 million to approximately $8.0 million in the June 2011 period from approximately $6.8 million in the June 2010 period. Gross margin was 10.0% and 10.7% for the June 2011 and June 2010 periods, respectively. The prices at which we purchased and sold apples increased proportionally, which enabled us to have relatively comparable gross margins for the June 2011 and 2010 periods. Our gross margin was in the June 2011 period was also affected by our incentive program designed to increase our business from larger wholesalers. Net income for the six months ended June 30, 2011 was $3.1 million, or $0.02 per share (basic and diluted), as compared with $3.5 million, or $0.03 per share (basic and diluted) for the comparable period of 2010.
As of June 30, 2011, the company had cash and cash equivalents of $0.8 million, no long-term debt and shareholders’ equity of $62.7 million.
The following information was filed by Sino Green Land Corp (SGLA) on Thursday, August 18, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: SGLA CIK: 1433551 Form Type:10-Q Quarterly Report Accession Number: 0001213900-11-005997 Submitted to the SEC: Mon Nov 14 2011 1:29:49 PM EST Accepted by the SEC: Mon Nov 14 2011 Period: Friday, September 30, 2011 Industry: Wholesale Groceries And Related Products