China Organic Agriculture posted an increase in first-half net income yesterday (18 August).

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For the six months to 30 June, net income reached US$6.4m, compared to $0.9m in the same period last year.


The figure included net income of $0.8m from discontinued operations.


The company’s revenues for the period climbed to $66.7m, up nearly 800% from revenues of $7.5m recorded in the first six months of 2008.


During the six-month period, the company had negative cash flow from operating activities of $9.2m, primarily attributable to the increase in accounts receivable, which was largely due to increased revenue levels.

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Revenue for the second quarter reached $30m, an increase on $3.3m for the same period last year. The increase in sales was due to sales volumes from Dalian Huiming, in which the China Organic Agriculture acquired a 60% stake in 2008.


Second-quarter net income reached $2.5m, versus a net loss of $121,000 for the same period last year.

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