Less loss reported: $1.84
Origin Agritech reported a Q1 net loss of (RMB0.98) vs a net loss of (RMB1.48) a year ago; revenue fell 15.6% to RMB22.7 (or $3.6 mln) (SEED) 1.82 : Government support
The Chinese government has recently increased its efforts to support leading crop seed companies, especially companies with national Breed-Produce-Distribute Vertically-Integrated Crop Seed Licenses (BPDVI License). As one of the first 32 companies nationwide to have been awarded the BPDVI seed license, Origin has received RMB13.6 mln (US$2.2 million) in government subsidies from various levels of the government during the first quarter. These subsidiaries are booked under "other payables and accrued expenses" on the balance sheets. With increasing government attention focused on crop seed technologies, further government supports are expected to help strengthen the Company's leading position in seed technology, production, and distribution.