Sino-Global Reports Loss, But Results Improve

Sino-Global Shipping America reported a net loss of $564,854 in the second quarter of fiscal year 2013, ending Dec. 31, 2012, improving from a net loss of $827,385 in the same quarter in the previous fiscal year.

Quarterly revenue decreased 20 percent from $8.0 million in 2011 to $6.4 million in 2012.

For the six months ending Dec. 31, 2012, the non-state-owned provider of shipping agency services, which operates primarily in China, reported a net loss of $1.0 million, compared with a net loss of $1.7 million during the same period in fiscal year 2012. Revenue was $14.3 million, dropping from $16.6 million in the same six-month period in 2012.

“We continue to face headwinds in our business due to a continued slower pace of growth of the Chinese economy.” said Cao Lei, Sino-Global’s CEO, in a written statement. “Our revenue declined approximately 20 percent in the second quarter as a direct result from the number of ships we served, which decreased to 99 from 116 in the quarter, and the revenue per ship served.”