Beijing Shourong Forwarding Company News

Non-state company, Sino-Global, announces major decline in third quarter 2013 financial results, raises cash by share issue. Sino-Global is a non-state-owned provider of shipping agency services operating primarily in China. Total revenues decreased 74.32% to US$2.34 million, from US$9.11 million in the third fiscal quarter ended March 31, 2013. The devaluation of the US dollar against the Chinese Renminbi ("RMB") resulted in a very slight impact on gross margin, which expanded in the quarter to 14.76% up from 5.22% in the third fiscal quarter of 2012, due to providing more protective services, which carry higher margins. Strong internal budget controls reduced general and administrative expenses in absolute amount by 53%.