Jining, Shandong Province-based Spring Pharmaceutical Group, Inc. posted net income of $4.34 million, compared to $2.78 million for the same period of the prior fiscal year.
Revenues grew for the fiscal third quarter ended December 31, 2018, by 13.3% to $19.49 million with growth across all three product categories while net income increased by 56.4% to $4.48 million, highlighting continuing momentum in our businesses, said Tinghe Yan, Chairman and Chief Executive Officer of the company, in the press release Thursday.
Yan pointed out that the company has started harvesting seed pods from our self-grown acer truncatum bunge tree bases since November 2018, leading to solid increase in both revenues and margin for our acer truncatum seed oil business for the fiscal third quarter.
“With the rest of the acer truncatum bunge trees at our 5,880 mu planting bases set to become commercially productive one after another in the next two to three years, we are well positioned to further grow and integrate our acer truncatum seed oil business,” he said.
He believes that the company’s self-grown planting bases, and R&D capabilities, give it significant competitive advantages in pricing, production and distribution in the long run.