Sunora Foods earns $282,794 in 2016
2017-04-28 13:34 MT - News Release
Mr. Steve Bank reports
SUNORA FOODS ANNOUNCES 2016 YEAR END FINANCIAL RESULTS
Sunora Foods Inc. has filed its financial statements, and management's discussion and analysis for the fiscal year ending Dec. 31, 2016. These filings are available for review on SEDAR and the corporation's website.
During the fiscal year ended Dec. 31, 2016, Sunora's highlights included the following:
Revenue of $12,254,101 for the 2016 fiscal year versus revenue of $10,815,959 for the comparable 2015 fiscal year;
International sales of $2,691,977 for the 2016 fiscal year versus international sales of $1,848,317 for the 2015 fiscal year;
Gross margin for the period ending Dec. 31, 2016, of 8.9 per cent versus gross margin for the comparable period ending Dec. 31, 2015, of 10.7 per cent;
Foreign exchange expense of $33,456 for the 2016 fiscal year versus a foreign exchange gain of $204,165 for the 2015 fiscal year;
Net income for the period ending Dec. 31, 2016, of $282,794 versus net income of $502,182 for the comparable period ending Dec. 31, 2015, a decrease of 44 per cent;
Cash and cash equivalents of $3,353,921 for the period ending Dec. 31, 2016, versus $2,620,566 for the comparable period ending Dec. 31, 2015;
Acquisition of 8,028,400 shares by Shanghai Hao Zhuo International Trading Ltd. from president and chief executive officer Steve Bank.
FINANCIAL HIGHLIGHTS
Period ending Dec. 31, 2016
Sales $12,254,101
Gross margin $1,087,617
Income before taxes $370,744
Net income $282,794
Earnings per share $0.007
About Sunora Foods Inc.
Sunora Foods is a food oil entity based in Calgary, Ata., trading and supplying canola oil, corn oil, soybean oil, olive oil and specialty oils in Canada and internationally.
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