Tanke BioSciences, a China-based agritech company, today announced its financial results for the second quarter and first six months of 2012, reporting a quarterly turn-to-profit and a 49 percent improvement in sales vs. the second quarter of last year.
Tanke recorded net income of $272,411, or $0.01 per share, compared to a loss of $1.65 million, or a loss of $0.12 per share, in the second quarter of 2011.
Revenues for the 2012 quarter came in at $7.43 million vs. revenues of $4.98 million in the comparable quarter of the year prior.
For the first six months ended June 30, 2012, Tanke reported revenue of $11.9 million, an increase of 10 percent compared to revenue of $10.9 million in the first six months of 2011.
The company reported a net loss of $398,563, or a per share loss of $0.03, in the first six-month of 2012, compared with a net loss of $3.67 million, or a loss of $0.29 per share, in the first half of 2011.
Tanke attributes its second-quarter improvement primarily to increased demand for the company's organic trace mineral additives. The product's sales increased by $2.57 million, or 65 percent, over the same quarter in 2011.
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