Business
Sino-Global Announces Financial Results for Its Fiscal Year Ended June 30, 2020
ROSLYN, N.Y., Oct. 13, 2020 /PRNewswire/ -- Sino-Global Shipping America, Ltd. (NASDAQ: SINO) ("Sino-Global", or the "Company"), a non-asset based global
About this update from Singularity Future Technology Ltd.
[{"type":"text","content":"ROSLYN, N.Y., Oct. 13, 2020 /PRNewswire/ -- Sino-Global Shipping America, Ltd. (NASDAQ: SINO) (\"Sino-Global\", or the \"Company\"), a non-asset based global shipping and freight logistic service company, announced today its financial results for the fiscal year ended June 30, 2020. \n For the Twelve Months Ended June 30, \n ($ millions, except per share data)\n2020\n2019\n % Change \n Total revenues \n6.54\n41.77\n-84.4%\n Shipping agency services \n2.11\n2.09\n0.6%\n Inland transportation management services \n0.00\n1.47\n-100.0%\n Freight logistics services \n4.37\n37.73\n-88.4%\n Container trucking services \n0.06\n0.48\n-87.2%\n Gross profit \n2.86\n5.76\n-50.4%\n Gross margin \n43.7%\n13.8%\n29.9 pp\n Shipping agency services \n60.7%\n9.5%\n51.2 pp\n Inland transportation management services \n0.0%\n91.2%\n-91.2 pp \n Freight logistics services \n36.0%\n11.1%\n24.9 pp\n Container trucking services \n10.4%\n11.4%\n-1.0 pp\n Operating loss \n-17.74\n-5.97\n-197.1%\n Net loss attributable to SINO \n-16.45\n-6.53\n-151.8%\n Basic and Diluted loss per share \n-4.78\n-2.27\n-111.0%\n * pp: percentage points \n \n\"Our fiscal year 2020 results reflect continued headwinds facing our business on the back of the COVID-19 pandemic, as well as the pending trade negotiations between the U.S. and China that remained a drag on the shipping and logistics industry. Total revenues decreased by 84.4% to $6.54 million for fiscal year 2020, primarily due to certain freight logistics services contracts being accounted for on a net basis starting from fiscal year 2020, the expiration of inland transportation management services contracts with a key customer, and the negative impact of the COVID-19 pandemic across our business segment. Looking ahead, we will continue to fine-tune our business and explore new opportunities to regain growth and profitability,\" said Mr. Lei Cao, Chairman and Chief Executive Officer of Sino-Global.\nFiscal Year 2020 Financial Results\nFor the Twelve Months Ended June 30, \n2020\n2019\n Revenues ($'000) \n \n Cost of Revenues ($'000) \n Gross Margin (%) \n Revenues ($'000) \n \n Cost of Revenues ($'000) \nGross Margin\n(%)\n Shipping agency and management services \n2,106\n828\n60.7%\n2,094\n1,894\n9.5%\n Inland transportation management services \n-\n-\n0.0%\n1,470\n129\n91.2%\n Freight logistics services \n4,369\n2...