China Green Agriculture Q4 Profit Down, Sales Up; Issues Q1, FY17 Forecast

(RTTNews) - China Green Agriculture, Inc. (CGA), a producer and distributor of humic acid-based compound fertilizers, and agricultural products, reported Monday that its fourth-quarter net income was $5 million, down 34.1 percent from $8.2 million last year. Earnings per share declined 39 percent to $0.15 from $0.23 a year ago.

Net sales were $79 million, an increase of 0.6% from $78.5 million last year.

For fiscal 2016, net Income decreased 21.3% to $24.7 million or $0.69 per share, while sales increased 2.1% to $268.8 million.

Looking ahead, for the first quarter, the company expects net income of $5 million to $7 million, and earnings per share of $0.14 to $0.19 on net sales of $55 million to $60 million.

For the Fiscal Year 2017, management expects net income of $20 million to $27 million, and earnings per share of $0.54 to $0.74 on net sales of $277 million to $300 million.

The company said it expects to update the Company's fiscal year guidance when it announces the financial results of the first quarter 2017. The company will implement a series of development process along with corporate restructuring to the use of its resource.

Zhuoyu Li, President of the Company, said, "As we concluded our recent fiscal year, we are looking forward to the new fiscal year in which we intend to place a particular focus on building Jinong's and Gufeng's fertilizer franchises as well as consolidating Yuxing's operations to pursue growth in agriculture product revenue."