Thursday, November 15, 2012 1:59:34 PM
Mr. Shili Liu, Chairman and Chief Executive Officer of Man Shing, stated, "We are pleased with the stable financial results we achieved during the quarter. Our financial results for the first quarter of our 2013 fiscal year were in line with our expectations. Our quarterly results on a year-over-year comparable basis were flat mostly due to a slight decrease in volume and slight increases in production costs. Overall the demand for our products remained stable with margins at approximately 40%. During the quarter, we managed our inventory as we approached the October harvest season. We are encouraged that we were able to complete the harvesting on our 7.7 million square meters of farmland. The harvest will allow us to increase our inventory and fulfill outstanding purchase orders."
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