Origin Agritech Limited announced unaudited annual financial results

BVI-registered Origin Agritech Limited reported unaudited financial results for the year ended September 30, 2014. In this year, the company was awarded three patents and applied for three additional patents in GM seed technologies; also, the company reported further operating efficiency improvements.

Total revenues of the company for the fiscal year ended September 30, 2014 were US$67.52 million – 14% less than in the year 2013, mainly because of lower sales for company’s rice seed business and a decrease in corn seed contract production. Operating expenses in the reported period were US$22.50 million – a 7% decrease as compared to fiscal year 2013. General and Administrative expenses decreased by 30% year over year.

Operating loss for the fiscal year ended September 30, 2014 was US$4.0 million; net loss was RMB9.53 million (US$1.55 million). The reported net loss per share was US$ (0.07).

As of September 30, 2014, Origin Agritech had approximately US$7.52 million in cash and cash equivalents.

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