China Organic Agriculture Inc. (CNOA.OB) Posts Impressive Q3 Results, Fueled by Distribution Expansion and Strategic Acquisition
QualityStocks (November 12th, 2008) Writes:
China Organic Agriculture Inc. (OTCBB: CNOA) is an aggressive agricultural products trader in China – the company has designed its business plan to allow it to capitalize on China’s growing economy and consumer sector. The company today announced its operating results for the third quarter and nine months ended September 30, 2008, posting triple-digit growth in net sales and net income.
China Organic attributes the increases to expansion of distribution operations and its decision to purchase rice from other rice producers and then selling it to retailers and wholesalers. Net sales for the third-quarter of 2008 were $47.2 million, up 111 percent from the $22.4 million posted for the third quarter of last year. For the nine-month period, net sales were $58.4 million, up 103 percent as compared to $28.8 million for the same nine months of 2007.
The company reported net income of $8.3 million for the third
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