Sino Agro Food Inc (fka SIAF)

[melehuna]

The net margin is down for two primary reasons.

The first is the same reason that revenues are up so much. Revenues from Import-Export (and all distribution) are at lower margins than wholesale. But the income is incremental, and $55M is a huge number, much better than I expected.

The second reason is the drop in sleepy cod prices. If those prices stayed at last quarter's level, profits would have been a full $.02 per share higher.

Despite the decline in net margin, I am quite happy with $.16/$.14 for Q1!