Migao Reports First Quarter, Fiscal 2011 Financial Results

Migao Corporation (TSX:MGO), a China-based leading specialty potash fertilizer producer, reported financial results for the first quarter ended June 30, 2010.

The press release is quoted as saying:

Migao reported revenues of $66.3 million (RMB 440.0 million) for the 3-months ended June 30, 2010 as compared to revenues of $58.9 million (RMB 344.8 million) for the three-month period ended June 30, 2009. For the quarter, the Company reported net income of $8.9 million or $0.17 per basic share as compared to net income of $9.6 million or $0.21 per basic share. The revenue improvement is attributed to increased product sales by volume compared to the same period last year. The decrease in net income was primarily a result of increased taxes as Migao’s subsidiaries complete various tax free and tax-reduced programs in China.

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