Migao Corporation (TSX:MGO) announced their second quarter results.
As quoted in the press release:
Migao reported revenue of $29.4 million for the first quarter ended June 30, 2013 as compared to revenue of $32.5 million for the same period ended June 30, 2012. Net loss for the quarter was $5.1 million or ($0.10) per basic share as compared to net loss of $3.9 million or ($0.07) per basic share. The decline in revenue as compared to the first quarter a year ago, is primarily a result of significantly lower sales of potassium chloride, as well as lower average selling price of potassium nitrate. Offsetting those declines were increased revenue from potassium sulphate as well as increased volume and average selling price of hydrochloric acid.
Migao’s CEO, Liu Guocai,said:
We expect the recent pricing and demand to continue and not slide to levels seen earlier. Our efforts to attract new customers in new regions as well as increase our offerings to existing customers will be instrumental in getting us back to profitability.