Business
Farmmi, Inc. Reports Financial Results for the First Six Months of Fiscal Year 2019
Financial Highlights (Six Months ended 3/31/19 compared to 3/31/18): 10.5% Increase in Revenue to $14.4 Million 21% Increase in Gross Profit to $2.54 Million
About this update from Farmmi, Inc. Ordinary Shares
[{"type":"text","content":"Financial Highlights (Six Months ended 3/31/19 compared to 3/31/18):\n10.5% Increase in Revenue to $14.4 Million 21% Increase in Gross Profit to $2.54 Million 160 Basis Point Improvement in Gross Margin to 17.7%LISHUI, China, Sept. 24, 2019 /PRNewswire/ -- Farmmi, Inc. (the \"Company\") (Nasdaq: FAMI), an agriculture products supplier in China, today announced its financial results for the six months ended March 31, 2019.\nMs. Yefang Zhang, Chairwoman and CEO of the Company stated, \"Our strong revenue growth and expansion in gross margin reflects our consistent execution and business leverage. We are benefiting from steady demand growth for our healthy, high-quality agricultural products, led by demand for mushrooms. With our solid platform to build upon, we have initiated the next phase of our expansion. In line with our plan, we bolstered our operations team earlier this year and completed development of our robust online e-commerce platform. To further accelerate our growth, we have increased our investment in targeted promotional activities, brand awareness efforts and attracting new customers. Our priority remains profitable growth and higher operating efficiencies, as we further penetrate our core markets and create additional value for shareholders.\"\nMs. Zhang continued: \"We continue to develop relationships with key partners, both major suppliers and family farms, while controlling our operating costs, to achieve higher margins and operating cash flows. We expect the demand for our products will continue to grow in China as consumption of mushroom products has consistently risen since 2011. Additionally, the market is underpenetrated with the overall per capital level of consumption in China still below Japan and the United States. We expect to add to our planned domestic growth by developing our international footprint as we move forward.\"\nFinancial Highlights\n*Notes: pp represents percentage points \nFirst Six Months of Fiscal Year 2019 Financial ResultsRevenue\nTotal revenues for the six months ended March 31, 2019 increased by $1.37 million, or 10.52%, to $14.39 million from $13.02 million for the same period of last year. \nRevenue from sales of Shiitake increased by $0.37 million, or 4.64%, to $8.35 million for the six months ended March 31, 2019 from $7.98 million for the same period of last year, mainly du...