Origin Agritech Limited, the Chinese biotechnological company registered in the BVI, announced its unaudited financial results for the twelve months period end September 30, 2015. For fiscal year 2015, company’s operating income was US$0.2 million (RMB1.3 million), as compared to the operating loss of RMB24.5 million in the previous year. Cash flow from operating activities also increased significantly, from negative RMB85.6 million in the fiscal year 2014 to US$8.2 million (RMB52.2 million) in 2015.
Total revenues of Origin Agritech in the fiscal year 2015 were US$59.2 million (RMB376.3 million), as compared to RMB414.9 million during the fiscal year ended September 30, 2014, – a 9.3 per cent decrease primarily due to the lower volumes for corn and rice seeds as a result of market oversupply and high competition.
Net loss of the BVI company was US$2.2 million (RMB13.8 million) for the fiscal year ended September 30, 2015, compared to RMB9.5 million for the year 2014, which included a reversal of tax liabilities. In fiscal 2015, net loss per share was US$(0.1), or RMB (0.6), as compared with RMB (0.4) in the previous fiscal year.
The company, which started as the first private seed company in China in 1997, continued with seed biotechnology research in early 2000’s, is now becoming a biotech company focusing on GMO technologies and having established state-of-the-art seed production bases and solid distribution channels in China.