BVI company reported unaudited results for first quarter of fiscal 2016

BVI-registered and NASDAQ-listed Origin Agritech Limited announced unaudited financial results for the first quarter of the fiscal year ended December 31, 2015. According to the published results, the company generated revenues of US$1.3 million (RMB8.6 million), as compared with RMB 15.6 million in the same period ended December 31, 2014. Deferred revenues of Origin Agritech were US$47.1 million (RMB306.1 million) as of December 31, 2015, compared with RMB329.0 million in the same period last year.

For the reported three months period, gross profit of the company was US$0.6 million (RMB 3.7 million), compared with RMB7.8 million in the previous year. Total operating expenses were US$4.0 million (RMB25.9 million), compared with RMB 30.3 million reported for the three months ended December 31, 2014.
Operating loss for the reported period was US$3.4million (RMB22.2 million), compared with RMB 22.5 million for the first quarter of fiscal year 2015. Net loss of the BVI company for the first quarter of fiscal year 2016 was US$4.4 million (RMB28.8 million), or US$0.19 per basic and diluted share, compared with RMB29.5 million, or RMB1.30 per basic and diluted share in the same period of fiscal 2015.

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