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Cosmos Holdings announced its financial results for the second quarter of 2017.
Cosmos Holdings (OTCQB:COSM) announced its financial results for the second quarter of 2017.
As quoted in the press release:
For the quarter ended June 30, 2017, versus the quarter ended June 30, 2016, Cosmos Holdings’ revenue improved 539% to $6.1 million from $955 thousand. The increase was mainly on the strength of its SkyPharm SA subsidiary, which obtained additional financing in 2017 to develop, expand, and organically grow its operations. Of note, revenue improved sequentially 48%, from $4.1 million in the 2017 first quarter to $6.1 million in the 2017 second quarter due to the organic growth in Sky Pharm SA and the acquisition of the UK subsidiary Decahedron Ltd. Additionally, gross profit increased 487% to $480,098 in the second quarter of 2017 from $81,706 in the second quarter of 2016.
For the six-month period ended June 30, 2017, versus the six-month period ended June 30, 2016, Cosmos Holdings’ revenue improved 388% to $10.2 million from $2 million. Additionally, gross profit increased 398% to $843,790 in the second semester of 2017 from $169,382 in the second semester of 2016.
Cosmos Holdings was successful in securing $2.6 million of institutional capital as of the first quarter of 2017. The company also entered into an agreement for an additional 2,750,000 EUR of capital through its subsidiary Decahedron in the form of a trade facility in April 2017. Moreover, in May 12, 2017 the company entered into another trade finance agreement and received institutional financing of 2,000,000 EUR through its subsidiary Skypharm SA.
Click here to read the full press release.
Source: www.marketwired.com
