LevelStock.com: China Organic Agriculture Inc reports drop in Q1 net income to USD3.0m

Agricultural products trading and distribution company China Organic Agriculture Inc (CNOA) (OTCBB:CNOA) reported on Monday net income attributable to CNOA shareholders of USD 3.0m or USD 0.04 fully diluted earnings per share in the first quarter of 2010.

This represents a decrease compared to net income attributable to CNOA shareholders of USD 3.9m or USD 0.05 fully diluted earnings per share in the same period of 2009.

CNOA's revenue for the first quarter 2010 was USD 32.4m, down from USD 36.7m recorded in the same quarter last year.

The decrease in net income resulted from the impact of the company's bad debt provision, an increase in interest expense and non-recurrence of the licensing fee received in the first quarter of 2009. The drop in revenue was due to fewer orders, which CNOA attributed to the uncertainty of the economic environment negatively impacting its trading activity.

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