Origin Agritech issues fiscal 2009 guidance

By Associated Press
August 28, 2008 | Comments (0)

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Origin Agritech Ltd., a Chinese seed company, said Thursday that for the 12 months ending in September it expects adjusted net income of $3 million to $4.5 million.

Including a non-cash interest expense, net income is expected to total about $2.65 million, the Beijing-based company said.

Revenue for the 12 months is expected to be $75 million to $80 million, up from $65.3 million a year ago.

Separately, Origin Agritech said its fiscal third-quarter profit jumped 63 percent as rising selling prices and lower marketing costs expanded gross margins.

Shares rose 99 cents, or 21 percent, to $5.73 in midday trading.

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