Tuesday, China Green Agriculture, Inc. (CGA) reported a significant rise in profit for the fourth quarter, benefiting from an increase in the sales of fertilizer and agricultural products, as well as improved gross profit. The company also provided its forecast for the first quarter, as well as the full year 2010.
China Green's net income for the fourth quarter increased to $4.4 million or $0.24 per share from $1.3 million or $0.07 per share in the previous year.
Net sales for the quarter rose 45.2% to $10.5 million from $7.2 million last year.
By segment, Techteam's net sales increased 39.2% to $9.5 million from $6.8 million last year, primarily due to improved sales from green fertilizer products and increase in production capacity. Sales of agricultural products from Jintai, namely top-grade fruits, vegetables, flowers and colored seedlings increased 138.8% from the same quarter of fiscal 2008 mainly on strong sales of various decorative flowers, suuch as butterfly orchids, big orchids and red leaf flowers during the holidays.
Gross profit was up 67.7% to $6.4 million from $3.8 million a year ago.
Operating expenses for the fourth were $1.2 million, down from $1.4 million in the previous year. The decrease was mainly attributable to a reduction in professional service fees compared to the year ago period.
For the fiscal 2009, net income increased to $14.5 million or $0.78 per share from $7.8 million or $0.53 per share last year. Net sales for the year was $35.2 million, up 55.8% to $22.6 million in the previous year.
Looking forward, the company expects revenues of $10.5 million to $11.2 million and earnings of $0.19 to $0.21 per share for the first quarter of fiscal year 2010.
For the fiscal year ending June 30, 2010, the company expects revenues of $46.8 million to $49.4 million and earnings of $0.83 to $0.88 per share.
CGA closed Tuesday,s regular trading at $13.48, up $1.02 or 8.19%, on a volume of 0.878 million shares on the AMEX. In after hours, the stock dropped $0.58 or 4.30%, trading at $12.90.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.