Sino-Global Shipping America, Ltd. (NASDAQ:SINO) witnessed 31.60% increase in share prices after successful financial results for 2014. Sino touched 52-week high on Tuesday while reaching $4.59 after the earnings announcement.
Sino-Global Shipping America, Ltd. (NASDAQ:SINO) released its full year fiscal 2014 financial results and the company reported diluted EPS of $0.34 for the year ending on June 30, 2014 and $0.10 for the quarter. Further, the company reduced its operating expenses by 9.7% for the fiscal 2014. The most impressive stats was the revenue for the three months ending on June 30, 2014 with a 452.5% increase YoY to $3,762,017. The Inland Transportation Management Services generated 23% of the total revenue for the first three months ending on June 30, 2104.
The company reported net income of $236,348 for three months ending on June 30, 2014 against the net loss of $1,357,845 in 2013. Further, Sino-Global Shipping America, Ltd. (NASDAQ:SINO) reported net income of $434,486 for the year ending on June 30.
Sino Global had a huge surge in profit from its newly established Inland Transportation Management Services and reported revenue of $0.87 million. Mr. Lei Cao, CEO of Sino-Global Shipping America, Ltd. (NASDAQ:SINO), said,
“Fiscal year 2014 was a turnaround year for Sino-Global. First, we restructured and streamlined our Shipping Agency business by focus on cutting overhead, trimming lower-margin contracts and developing higher-margin segments. Leveraging our business relationship with Zhiyuan, we also reduced our dependency on Shipping Agency Services and successfully expanded our service platform and gained expertise in Shipping and Chartering Services and Inland Transportation Management Services.”
The shares of Sino-Global Shipping America, Ltd. (NASDAQ:SINO) improved by 119.33% in the last month and closed at $3.29 on Tuesday.
This article has been written by Prakash Pandey.