Two pieces of good news have been announced this week for agribusiness group China Green Agriculture.
The Chinese fertiliser, fresh produce and flower supplier was yesterday announced that the four derivative suits brought against its Nevada-based US arm had been settled.
The ruling resulted in the release of all claims and no payment of compensation to shareholders. The company is required to implement corporate governance reforms, however, and will pay the plaintiffs’ legal fees of US$650,000.
China Green Agriculture has also posted a 24.3 per cent growth in second quarter financial year net income to US$7.7m. Net sales rose 33.4 per cent to US$47.1m.
The company predicts third quarter net income to move from US$9.7m the same period a year before to US$10.7m.
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