The Canadian Press - ONLINE EDITION
Hanfeng posts $33-million profit in fourth quarter, $80.8-million loss for 2013
TORONTO - Hanfeng Evergreen Inc. (TSX:HF), a Canadian-listed fertilizer company operating in China and Southeast Asia, says it lost $80.8 million in the year ended June 30.
The loss for the 12-month period amounted to $1.34 per share, mostly due to a previously announced loss in the fiscal second quarter ended Dec. 31, 2012.
In the fourth quarter ended June 30, Hanfeng earned $33 million or 55 cents per share.
A year earlier, Hanfeng lost $2.3 million or four cents per share for the three months ended June 30, 2012 and had net income of $6.9 million or 11 cents per share for fiscal 2012.
Hanfeng's sales were down, falling to $164.7 million in the 2013 fiscal year and $73.9 million in the fourth quarter. That's down from $212.3 million in fiscal 2012 and $84.2 million in that year's fourth quarter.
The company said in the earnings report, released late Monday, that a special committee of its board of directors continues to seek alternatives to a stalled proposal to take the company private from Xinduo Yu, Hanfeng's president and CEO.
The committee began the strategic review process after Yu was unable to arrange financing to fund his plan to buy out other shareholders of Hanfeng Evergreen.
Based on the Monday closing price for Hanfeng stock, the company had a market value of $54 million. The shares were up seven per cent Tuesday morning, rising six cents to 90 cents.
(1 of 8 articles for this week)12/6/2013 3:18 PM 0
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