Agria (GRO) Reports FY12 Revenue of $1.1B, Operating Profit of $22M
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Agria Corporation (NYSE: GRO) today reported audited financial results for the fiscal year ended June 30, 2012. Audited fiscal year results reflect the consolidation into Agria's results of its controlling interest in its New Zealand listed subsidiary PGG Wrightson (NZSE: PGW).
Consolidated revenues increased from RMB29.0 million in the year ended December 31, 2010 to RMB6.9 billion ($1.1 billion) in the year ended June 30, 2012.
The increase in revenue on a year-over-year basis is primarily due to this fiscal year being the first full year that Agria has consolidated its majority owned subsidiary's operating results since the completion of the partial takeover offer by Agria Singapore for PGW in April 2011. Additionally, the increase in Agria's revenues during fiscal year 2012 was attributable to Agria's China seeds business, which achieved 82.1% growth in revenue on a year over year basis. This was led by the Company's commencement of sales of field corn seeds.
The Company's operating profit improved from a loss of RMB87.1 million in the year ended December 31, 2010 to a profit of RMB142.5 million ($22.4 million) in the year ended June 30, 2012.
The Company reported a net loss attributable to shareholders of RMB16.0 million ($2.5 million) in the year ended June 30, 2012 compared to a net loss attributable to shareholders of RMB59.2 million in the year ended December 31, 2010.
As of June 30, 2012, Agria had RMB164.9 million ($26.0 million) in cash and cash equivalents, which consisted of cash on hand and bank deposits, which are unrestricted as to withdrawal or use. In addition, the Company had RMB398.7 million ($62.8 million) of restricted cash, which is pledged as guarantees for bank loans. Total shareholders' equity was RMB1,449.0 million ($228.1 million) at June 30, 2012.
Agria had 110,766,600 ordinary shares equivalent to 55,383,300 ADSs outstanding as of June 30, 2012.
Consolidated revenues increased from RMB29.0 million in the year ended December 31, 2010 to RMB6.9 billion ($1.1 billion) in the year ended June 30, 2012.
The increase in revenue on a year-over-year basis is primarily due to this fiscal year being the first full year that Agria has consolidated its majority owned subsidiary's operating results since the completion of the partial takeover offer by Agria Singapore for PGW in April 2011. Additionally, the increase in Agria's revenues during fiscal year 2012 was attributable to Agria's China seeds business, which achieved 82.1% growth in revenue on a year over year basis. This was led by the Company's commencement of sales of field corn seeds.
The Company's operating profit improved from a loss of RMB87.1 million in the year ended December 31, 2010 to a profit of RMB142.5 million ($22.4 million) in the year ended June 30, 2012.
The Company reported a net loss attributable to shareholders of RMB16.0 million ($2.5 million) in the year ended June 30, 2012 compared to a net loss attributable to shareholders of RMB59.2 million in the year ended December 31, 2010.
As of June 30, 2012, Agria had RMB164.9 million ($26.0 million) in cash and cash equivalents, which consisted of cash on hand and bank deposits, which are unrestricted as to withdrawal or use. In addition, the Company had RMB398.7 million ($62.8 million) of restricted cash, which is pledged as guarantees for bank loans. Total shareholders' equity was RMB1,449.0 million ($228.1 million) at June 30, 2012.
Agria had 110,766,600 ordinary shares equivalent to 55,383,300 ADSs outstanding as of June 30, 2012.
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