SINGAPORE (Feb 14): SunMoon Food Company announced that its 3Q19 losses have widened 58% to $1.85 million, compared to $1.29 million in 3Q18.
This brings 9M19 losses to $3.35 million, compared to earnings of $1.08 million in 9M18.
During the quarter, revenue was 88% higher at $20.3 million from $10.8 million a year ago, mainly due to sales to Shanghai YiGuo E-Commence and its related companies. The sales to Yiguo constituted 70% of the group's revenue.
However, cost of sales saw a higher increase of 92% y-o-y to $20.8 million, bringing gross loss to $456,000 from $44,000 last year.
Other expenses more than doubled to $138,000 from $52,000 in the previous year.
On the outlook, the group’s operating environment remains challenging and competitive.
Hence, the group says that it will continue to focus on its value added fresh fruit products in China and South East Asia, and remain optimistic for an improved operational result.
Shares in SunMoon closed at 3.5 cents on Wednesday.
