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Sino-Global Shipping America revenues decreased by 48.85%

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Sino-Global ShippingSino-Global Shipping America announced its selected financial results for fiscal year ended June 30, 2013. Total revenues decreased by 48.85% from $33,881,248 for the year ended June 30, 2012 to $17,331,759 in the comparable year in 2013.


The number of ships that generated revenues for the company decreased from 477 for the year of fiscal 2012 to 438 for the comparable period of fiscal 2013. More importantly, the company provided protective services for more ships, which generated significantly lower revenues per ship.

For the year ended June 30, 2013, the company provided protective services to 277 ships, compared to 114 ships for the year of fiscal 2012. In contrast, the company provided loading/discharging service to 161 and 363 ships for the years ended June 30, 2013 and 2012, respectively.

Costs of revenues as a percentage of the total revenues decreased from 92.04% for the year ended June 30, 2012 down to 88.87% for the year ended June 30, 2013. Consequently, the company's gross margin increased from 7.96% for the year ended June 30, 2012 up to 11.13% for the year ended on June 30, 2013.

The gross margin increased because the company provided protective services to more ships, which had generated higher gross margin compared to loading/discharging services.

The company had an operating loss of $2,203,540 for the year ended June 30, 2013, compared to an operating loss of $2,924,314 for the comparable year ended June 30, 2012. The operating loss for the year of fiscal 2013 was decreased primarily due to the reduced costs of revenues and general and administrative expenses.

The company's net financial expense was $15,520 for the year ended June 30, 2013, compared to our net financial income of $46,169 for the year ended June 30, 2012. The net financial expense was derived largely from the foreign exchange income recognized in the financial statement consolidation.

The company's income tax expense was $410,089 for the year ended June 30, 2013, compared to income tax benefits of $120,232 for the year ended June 30, 2012. The income tax expense of $413,900 was deferred tax expense resulted from an increase of the valuation allowance of deferred tax assets.

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