HARBIN, China, May 18 /PRNewswire-Asia-FirstCall/ -- Rodobo International, Inc. (OTC Bulletin Board: RDBO), one of the leading independent dairy companies in China, reported financial results for the second quarter and first six months ended March 31, 2009.
Second quarter financial highlights include:
Revenue for the second quarter ended March 31, 2009 was $6.3 million, an increase of 19% compared to Q2 2008. This increase was primarily driven by volume growth, with average selling price remaining flat over both periods. The new product series "Healthy Elderly", launched in October 2008, attributed approximately $1.1 million to the second quarter.
Sales of Whole Milk Powder Formula represented 39% of total sales in Q2 2009 compared to 27% in Q2 2008. Sales of Baby/Infant Formula represented 44% of total sales in Q2 2009 compared to 61% in Q2 2008. Sales of Adult Formula represented 17% of total sales in Q2 2009 compared to 12% in Q2 2008.
Gross profit for Q2 2009 was $2.3 million, down 4% compared to Q2 2008. The overall gross margin decreased from 45% in Q2 2008 to 36% in Q2 2009. The increase in the costs of goods sold and the decrease in gross margin was mainly driven by a different product mix that included more sales of lower margin products. Additionally, gross margin for Whole Milk Powder Formula decreased in 2009 compared to 2008 due to a 24% increase in the cost of raw milk.
Operating income in the first three months ended March 31, 2009 was $0.74 million, decrease of 34% compared to the same period last year. The decrease is mainly attributed to higher depreciation expenses due to equipment purchase and advertising expenses to support the growth.
Net income was $1.2 million relatively flat compared to Q2 2008.
Six months financial highlights include:
Revenue for the first half ended March 31, 2009 was $15.2 milli
|SOURCE Rodobo International, Inc.|
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