Migao Reports Record Fiscal 2011 Year-End Financial Results

Migao Corporation (TSX:MGO) announced year-end financial results.

The press release is quoted as saying:

Gross profit for the year was 22.4%, achieving the targeted annual range of 22-24%. Gross profit for the quarter declined to 17.5% as a result of the sale of raw potash inventory at an average profit margin of 12.4%, in line with management’s strategy to reduce the amount of inventory as a result of the long-term supply agreement recently signed.

Mr. Liu Guocai, CEO, says:

“Despite very difficult conditions in the capital markets, Migao continued to deliver strong operational and financial results.”

Click here to read the entire press release.