ROSLYN, N.Y., Nov. 14, 2017 /PRNewswire/ — Sino-Global Shipping America, Ltd. (NASDAQ: SINO) (“Sino-Global”, the “Company” or “us”), a non-asset based global shipping and freight logistics integrated solutions provider, today announced its financial and operating results for the quarter ended September 30, 2017.
Fiscal Year 2018 First Quarter Operating and Financial Highlights
(all comparisons to the prior year period)
Total revenues increased 176.7% to $5.4 million, as compared to $1.9 million for the prior year. The increase was primarily the result of the Company’s efforts to diversify its business. Gross profit increased to $1.7 million as compared to $1.6 million for the prior year period. Net income for the first quarter of fiscal year 2018 was $716,637 compared to net income of $637,785. The Company had $7.9 million in cash and cash equivalents, as of the three months ended September 30, 2017.
Mr. Lei Cao, Chief Executive Officer of Sino-Global, stated, “We continue to focus on the advancement of our short-haul trucking business in the U.S. with the further buildout and development of our strategic logistics internet platform. We finished the basic layout in fiscal year 2017 and will continue to work to increase business for our short-haul trucking operations in the United States, which carry lower operating costs than other segments of our business.”
Mr. Lei Cao concluded, “For the fiscal 2018 year, we expect to continue the development of our existing businesses. We will also focus on the bulk cargo containerized model in connection with our joint venture agreement with COSCO, as well as developing services models in the U.S. for supply chain logistics for products imported from China to the U.S. Our focus remains on the long-term success of our business and value creation for our shareholders. We intend to continue to maintain an active dialogue with investors as we strive towards becoming a leading global logistics service provider.”
Fiscal Year 2018 First Quarter Financial Highlights (all comparisons to the same quarter in the prior year)
Total revenues for the three months ended September 30, 2017 were $5.4 million, compared to $1.9 million in the same period for the prior year. The increase was primarily due to the Company’s efforts to diversify its business in the freight logistics services and container trucking platform services segments. The revenues generated from freight logistics services increased by 665.0% from the three months ended September