November 19, 2013

The Q3 result also surpassed the company's previous quarterly high mark, which is US$54.40 million in revenue, by over US$15 million.

The company said that the increase was mainly due to the growth of revenue from the organic fertiliser, beef and plantation divisions, as well as other operations that were not commenced in 2012.

The company's gross profit increased by US$370,291, or 1.44%, to US$26.12 million for the third quarter of 2013, compared to US$25.75 million for the same period of 2012; while net income for the third quarter totalled US$18.75 million.

However, due to a reduction in revenue from Consulting and Services of US$4.6 million in the Fishery Division and US$7.2 million in the Cattle Farm division, the company's gross margins for the quarter declined.

Sino Agro Food made some strategic decisions for resource allocation in Consulting and Services, and embarked on complementary financial initiatives that were designed to increase the flexibility in both, and to expedite the increase in operating cash flow.

CEO of Sino Agro Food, Solomon Lee, commented, "I am very pleased with the progress the company continues to demonstrate, and look forward to attaining greater benchmarks throughout the coming year, in concert with our strategic plan. I would encourage everyone to take the time and review Management's Discussion and Analysis in the Q3 filing. It contains many details on overall performance, and adds clarity and perspective to the company's methodology behind its stellar growth and development."

Sino Agro Food is an integrated agricultural technology and organic food company focused on the development, production and distribution of agricultural products in China. Addressing the increasing demand of the country's rising middle class for gourmet and high-quality food, the company mainly engages in the manufacture and distribution of beef and lamb products, fish products, organic fertiliser, stock feed and cash crops.