China Green Agriculture, Inc. (NYSE: CGA), mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its wholly-owned subsidiaries in China, today announced that it launched seven new fertilizer products and added 49 new distributors in the fourth quarter ended June 30, 2012.
The seven new fertilizer products, including five broad-spectrum and two powder fertilizer products, were launched by Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd, the Company's fertilizer operating subsidiary in Shaanxi province ("Jinong") during the fourth quarter ended June 30, 2012. During the quarter, Jinong retired 35 fertilizer products because the fertilizer products were either outdated or upgraded fertilizer products had been rolled out. The launch and retirement of fertilizer products brought the total number of Jinong's fertilizer products in use to 126.
The management estimated the seven new products contributed approximately RMB733,180 (approximately $115,256) to Jinong's fertilizer revenues during the quarter. Jinong also added 46 new distributors during the quarter, which brought the total number of Jinong's distributors to 758. These new distributors contributed approximately RMB10,852,450 (approximately $1,706,005) to Jinong's fertilizer revenues during the quarter. During the three months ended June 30, 2012, Jinong's revenue attributable to the new products distributed by its new distributors was RMB 280,600(approximately $44,110).
(c) 2012 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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