GreenStar Reports 34% Increase in Revenues and 39% Increase in Net Income for the Second Quarter of 2013
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 08/22/13 -- GreenStar Agricultural Corporation (formerly China Green Star Agricultural Corporation) (TSX VENTURE: GRE) ("GreenStar" or the "Corporation") today announced its financial results for the three and six month periods ending June 30, 2013.
Key Financial Metrics
"Despite challenging economic conditions in both the domestic Chinese market, and internationally, the Corporation managed to substantially grow, both its top line revenues and net profit in the period. Historically, over the past three years, the second quarter and first half represented 17% and 38% respectively of annual revenues, said Mr. Guan Lianyun, Chairman and CEO of GreenStar. "We are beginning to see the positive effect that GreenStar's increased land base is having on the overall results. The Corporation's fresh produce volumes increased dramatically during the quarter and the first half of 2013, and when combined with selling price increases, the results delivered robust revenue and earnings growth for GreenStar. We believe that the Corporation is well positioned to continue on this established path of growing revenues and profits, and enhancing shareholder value."
Q2 2013 Financial Highlights
2013 YTD Financial Highlights
Shareholders' equity $49.4 million, an increase of 22.5% over $40.3 million as at December 31, 2012.
GreenStar invites readers to review Management's Discussion & Analysis, as filed on SEDAR, for a more complete review and analysis of the Corporation's financial information and performance.
About GreenStar Agricultural Corporation
GreenStar operates two main divisions, agricultural and food processing. The agricultural division is involved in the cultivation and harvesting of agricultural products such as fresh fruit and vegetables, for sale either directly as fresh fruit and vegetables or canned, and sold overseas and domestically. The food processing division is primarily involved in the processing of canned food, which includes canned tomato paste, canned boiled bamboo shoots, canned oranges, canned peaches and various other types of fruits and vegetables.
GreenStar has been operating for over 19 years. Through the application of science and technology in production, quality control and assurance, and business operations and management, GreenStar has focused on maintaining product and reputational excellence with a high standard of food quality. Key assets include a well established management team, modern production facilities, and a close partnership with local farmers.
GreenStar Agricultural Corp. is listed on the TSX Venture Exchange under the symbol "GRE".
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Caution Regarding Forward-Looking Information:
Certain statements in this press release may constitute ''forward looking'' statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements.
When used in this press release, such statements may use such words as ''may'', ''will'', ''expect'', ''believe'', ''plan'' and other similar terminology. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this press release. Forward looking information in this press release includes management's belief that the Corporation will continue to grow its revenues and profits and enhance shareholder value. These forward looking statements involve a number of risks and uncertainties. Some of the factors that could cause actual results to differ materially from those expressed in or underlying such forward looking statements are the effects of, as well as changes in: international, national and local business and economic conditions; political or economic instability in the Company's markets; competition; legislation and governmental regulation; and accounting policies and practices. The foregoing list of factors is not exhaustive. Please see the Company's annual MD&A dated April 25, 2013, available on , for a more detailed description of the risk factors. The Company undertakes no obligation to update publicly or revise any forward looking information, whether a result of new information, future results or otherwise, except as required by law."
Contacts:
GreenStar Agricultural Corporation
Robert Macdonald
(416) 849 3858
Investor Cubed Inc.
(647) 258-3311, (888) 258-3323
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Unternehmensinformation / Kurzprofil:
Datum: 22.08.2013 - 12:00 Uhr
Sprache: Deutsch
News-ID 290069
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contact information:
Town:
TORONTO, ONTARIO
Kategorie:
Farming
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