Migao Reports Fiscal 2012 First Quarter Financial Results

Migao Corporation (TSX:MGO) announced first quarter 2011 financial results.

The press release is quoted as saying:

Migao reported revenues of $100.5 million (RMB 675.1 million) for the first quarter ended June 30, 2011 as compared to revenues of $66.3 million (RMB 440.0 million) for the three-month period ended June 30, 2010. For the quarter, the Company reported net income of $7.8 million or $0.15 per basic share as compared to net income of $8.8 million or $0.17 per basic share.

Migao’s CEO, Mr. Liu Guocai said:

 “We have negotiated increased selling prices of our core fertilizers and are still enjoying strong pricing and demand for our specialty compound products. We expect gross profit margin to return to the strong historical range of 22-24% for the remainder of the year.”

Click here to read the entire news release.