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Sino Agro Food, Inc. Reports Q2 2017 Results
Positive USD .03 EPS Despite Transition and Headwinds
Advances Strategic Relationships; Adjusts Cap Ex Strategy
August 13, 2017
GUANGZHOU, China-- 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 June 30, 2017.
Results reflect the carve-out of aquaculture operations announced March 2, 2017. Income from Sino Agro’s 36.6% interest in the carved-out company, Tri-Way Industries Ltd. is reported as “share of income from unconsolidated equity investee.” Revenue from the sale of goods from the former aquaculture business segment is no longer reported.
Stripping out discontinued aquaculture revenue from Q2 2016, revenue from the sale of goods decreased USD 18.7M, or 28%, to USD 47.7M for the quarter ended June 30, 2017 year over year. Contrasted to Q1 2017, revenue decreased 17%.
Business Segment Overview
Negative Comparisons (vs. Q2 2016)
|·||Integrated Cattle (SJAP)|
The combined results of SJAP (including QZH) in Q2 2017 decreased in sales revenue by $18 million, and gross profit by $7.4 million
|·||Manufacturing and Sales of Organic Fertilizer (HSA)|
Q2 2017 revenues decreased by $4.2M; gross profit decreased by $1.84M
|·||Plantation Division (JHST)|
Q2 2017’s revenues decreased by $4.7M; gross profit decreased by $2.7M
|·||Import and Export -- beef only (Corporate Division)|
Q2 2017’s revenues decreased by $3.7M; gross profit decreased by $0.42M
|·||Engineering Technology, Consulting and Services (Project Development)|
Q2 2017’s revenues decreased by $19.3M; gross profit by $5.8M
Positive Comparisons (vs. Q2 2016)
|·||Cattle Farm (MEIJI)|
Q2 2017’s revenues increased by $0.3 M; gross profits increased by 0$0.72M
|·||Import and Export -- seafood only (Corporate Division)|
Q2 2017’s revenues increased by $2.3M; gross profits increased by $0.18M
The following information was filed by Sino Agro Food, Inc. (SIAF) on Wednesday, August 16, 2017 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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