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China Green Agriculture's profit up 24.3% in Q2 FY2012

Feb. 9, 2012 (China Knowledge) - China Green Agriculture Inc<CGA>, engaged in the research, development, production and sale of various types of fertilizers and agricultural products, has posted US$7.7 million-net profit for the second quarter of fiscal year 2012 ended Dec. 31, 2011, up 24.3% year on year from US$6.2 million.

In the reporting period, the New York-listed firm's diluted earnings per American Depositary Share were US$0.29, more than US$0.24 in the same period of fiscal year 2011.

Gross profit for the three months ended Dec. 31, 2011 increased by US$4.1million, or 32.9% year on year from US$12.3 million to US$16.4 million with gross margin of 34.8%.

For the second quarter of fiscal year 2012, the company saw net sales reach US$47.1 million, up 33.4% year on year from US$35.3 million, boosted by strong sales of fertilizer products.

At the end of last year, China Green Agriculture had US$68.2 million in cash, whereas it had US$65.6 million as of Jun. 30, 2011.

The company also expects its net sales for the third quarter of fiscal year 2012 to be in the range of US$53 million to US$56.4 million, and the firm's net profit is estimated to reach between US$9.7 million and US$10.7 million in the period.

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