Origin Agritech reports unaudited financial results for the year ended September 30, 2013
In China, Origin Agritech Limited announced unaudited financial results for the fiscal year ended September 30, 2013. The company reported an operating profit of RMB18.16 million, compared to a loss of RMB3.47 million in the same quarter of 2012. Total revenues for the fiscal year ended September 30, 2013 were RMB481.69 million (US$77.30 million), a decrease of 13% from RMB552.11 million during the fiscal year ended September 30, 2012. Overall, the year-over-year decrease in revenues was mainly due to the divestment of the cotton and pesticide businesses, and the drop in sales volume of corn and rice as a result of increasing competition in the crop seed market and unfavorable weather for its Northeast operations in fiscal year 2013.
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