Boston, MA 03/06/2014 (wallstreetpr) – Agria Corp (NYSE:GRO), a global agricultural company, reported its financial results for the 6 months ended Dec 31, 2013.
From the fiscal year 2014 onwards, Agria Corp (NYSE:GRO) has assumed new segment reporting structure for revenue and profitability. This structure is supposedly portrays the results of operations which are carried out in sync with the company’s integrated and global scheme n a better way. The company believes that this format for reporting will benefit shareholders and stakeholders in better understanding its global strategy.
Three Segments Report
From now on, Agria Corp (NYSE:GRO) will be reporting in the following three business segments: (a) Seed and Grain, (b) Crop Protection, Nutrients and Merchandise, (c) Rural Services. While Segment (b) accounted for rise in growth, it accounted for increase in revenue by 10% and operating income by 16% year over year. Segment (a) increased revenue by as much as 5% and operating income by 24% year over year. Segment (c) marked a slight downfall of 3% year over year. Nevertheless because of better margins, operating income in this segment increased by 106%. All the three segments showed better performance than the prior year.
Financial Highlights
Consolidated revenue increased 6% to RMB3,216 million or US$531 for the six months ended Dec 31, 2013 as compared to the prior year. Operating income was reported to be RMB94 million orUS$16 million which is comparable to the loss of RMB319 million last year. Net income characteristic to shareholders declined to RMB11 million or US$2 million from RMB375 million in the previous year. Agria Corp (NYSE:GRO)’s financial status became stringer during the first half of 2013. Cash and equivalents totaled RMB187 million or UD$140 million as on Dec 31, 2013, which is a decrease of almost 19% from June 30, 2013. It generated cash of RMB56 million or US$9 million by divesting non core holding in New Zealand’s Heartland Bank.
