Origin Agritech Ltd, an agricultural biotechnological company registered in BVI, announced its unaudited financial results for the fiscal year ended September 30, 2016. Total revenues of the company were US$50.2mln, which is 11% less from annual revenues in the period ended September 30, 2015. This decrease was primarily due to lower sales volumes for corn and rice seeds as a result of market oversupply. In fiscal year 2016, corn seeds accounted for 91% of overall sales, and total revenues from corn sales were US$45.9mln; annual revenues from rice seeds sales were US$3.0mln (a decrease compared to fiscal year 2015), and canola seeds sales were US$1.3mln in 2016. Because of continued decline of rice and canola seeds sales, Origin is phasing out of these product lines in 2017.
In fiscal year 2016, operating expenses of the BVI company were US$20.6mln, which is an increase of 23.5% from fiscal year 2015 due to restructuring costs and expansion expenses. Selling and marketing expenses decreased 4.8% from the previous year.
Operating loss for the reported year was US$9.2mln; net loss attributable to Origin for the fiscal year ended September 30, 2016 was US$9.8mln. Net loss per share reported by the company in fiscal year 2016 was US$0.43.