Sino Agro Food Inc (OTCBB:SIAF), an integrated technology and organic food company with a focus on marketing of protein food, has updated on redemption of Series F Preference Shares. As per the reports, the company will look forward to redeeming Series F Preference Shares on May 30, 2015 according to the records of September 28, 2012. Sino Agro will also announce its future dividend policy for the second quarter.
Along with share redemption, the company has also announced financial results for the previous quarter. Its revenue for the March quarter was $115.5 million.
Increase In Outstanding Common Shares:
As of the last update on May 12, its common shares had increased from 18.069 million to 18.199 million during 1Q2015. Here are a few important reasons that resulted in this increment-
- The company had issued 47,789 shares to its staff and directors as entitlements and incentives. The issue was per Sino Agro’s agreement with Euro China Capital AB.
- Apart from the staff incentives, it also issued 75,998 shares as collateral for third party loans that will be returned upon repayment of interest and principal amount.
Financial Updates:
If taken into consideration YOY performance, Sino Agro grew at a rate of 27% in terms of revenues. The stockholders’ equity increased $1.76 per share or $31.4 million based on the weighted average outstanding shares. Total working capital and cash & cash equivalents at the end of the March quarter were $254.5 million and $10.9 million respectively.
Revenue from the sale of goods sold in the first quarter was $85.6 million compared to $78.3 million during the same period in the previous quarter. The gross profit of the company increased 25% in the previous quarter and touched $35.57 million. Apart from diluted earnings per share, Sino Agro Food Inc (OTCBB:SIAF) reported positive growth in all the fields. The management hopes to improve these numbers in the coming quarters.
