Sino Agro Food, Inc., an emerging integrated, diversified agriculture technology and organic food company with subsidiaries operating in China, announced 3rd quarter financial results for 2010.
In a release on November 9, the Company reported:
Assets. Our total assets were $97,642,552 as of September 30, 2010, an increase of 14.2 percent when compared to $85,451,738 as of June 30, 2010. This increase of assets from June 30, 2010 to September 30, 2010 was primarily a result of the addition of biological assets, increases in intellectual property, accounts receivable and investments in subsidiaries.
Liabilities. Our total liabilities were $9,540,371 at September 30, 2010, an increase of 40 percent when compared to $6,834,442 as of June 30, 2010. This increase was primarily due to an increase in payables during the periods reported.
Total Stockholders Equity. Our stockholders equity was $88,102,181, or $1.70 per share as of September 30, 2010, representing an increase of 12 percent compared to $78,617,296 as of June 30, 2010.
At September 30, 2010, we had unrestricted cash and cash equivalents of $2,275,436 compared to our cash and cash equivalent of $1,192,307 as at June 30, 2010.
Revenues increased by $6,778,232 or 59.5 percent to $11,395,223 for the Q3 period ended September 30, 2010 from $4,616,991 for the Q3 period ended September 30. The increase was primarily due to the corresponding increase of sales revenues generated from all 4 segments of the business instead of only 2 segments in Q3 period of 2009.
Cost of goods sold increased by $2,103,958 or 48.86 percent to $4,306,169 for the Q3 period ended September 30, 2010 from $2,202,211 for the Q3 period ended September 30. The increase is primarily due to an overall increase in costs relating to the increase of sales from each business segment.
Gross Profit increased by $4,674,284 or 65.6 percent to $7,089,064 for the Q3 period ended September 30, 2010 from $2,414,780 for the Q3 period ended September 30. The increase was primarily due to an increase of sales from all segments of our 4 businesses.
General and administrative expenses decreased by $478,723 or 51.09 percent to $345,271 for the Q3 period ended September 30, 2010 from $823,994 for the Q3 period ended September 30. The decrease was primarily the result of reduced corporate expenses from professional charges and related fees and the saving on interest payments from short term loan debt that was repaid in Q2 2010.
Net Profit for Q3 period ended September 30, 2010 is $7,220,202, net of Gross Profit of $7,089,064 plus Exchange gain of $2,202,824 minus all General administration expenses and minority interest etc. of $2,071,686 for the Q3 period ended September 30, 2010. For the 9 months ended September 30, 2010, our net income from operation was $11,174,356 or $0.19 per share on a fully diluted basis. There are no changes to Company guidance for the remainder of 2010.
The Companys complete report for the 3rd Quarter, 9 months ended September 30, 2010, will be published to OTCmarkets.com by November 15th, 2010.
Shareholders are advised that the Company investor relations department will be closed from November 11th through November 24th, 2010.
Sino Agro Food, Inc. (“SIAF”) is an integrated, diversified agricultural technology and organic food company focused on developing, producing and distributing agricultural products in the Peoples Republic of China.
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