China Organic Agriculture, Inc. reports fiscal results for the first quarter 2007
China Organic Agriculture, Inc. on 15 May, 2007 has announced the financial results for the first quarter of 2007. The Company has reported increased profit margins and revenue gains based on increased production capacity and growing customer base.
In the first quarter 2007, China Organic Agriculture generated $4.1 million in revenues - this is a 30% increase compared to the $3.1 million for the same period 2006.
The reported gross profit for Q1, 2007, was 43.9% compared to 42.54% for the three months ending March 31, 2006. Income from operations for the three months period 2007 was $1,719,083 or 41.8% of net Sales if compared to income from operations of $1,271,996 for the Q1 2006 or 40.0% of net Sales.
Net income was $1,720,495 or 41.79% of net Sales for the three months ending March 31, 2007, compared to $1,273,548 or 40.09% of net Sales for the three months ending March 31, 2006.
China Organic Agriculture, engaged in the business of rice production and processing, is incoporated in August 5, 2005 in the state of Florida, and has two wholly owned subsidiaries. The first subsidiary, China Organic Agriculture, Ltd. (COAL) was incorporated on August 10, 2006, under the laws of the British Virgin Islands, is the full owner of the second subsidiary, Jilin Songyuan City ErMaPao Green Rice Ltd., was established in 2002 in China.
On March 15, 2007 COAL, through a reverse merger, issued 27,448,776 shares of stock in consideration for all the outstanding shares of COAL.