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Home Investments Press Releases Briefs

BRIEF: IGC Announces Financial Results for Fiscal Year Ended March 31, 2018

D.M.O. Newswire by D.M.O. Newswire
July 11, 2018
in Briefs, Marijuana Stocks, SEC Filings, United States

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New York, NY — June 22, 2018 — /D.M.O. Newswire/ — India Globalization Capital, Inc. (NYSE:IGC) announced financial results for the fiscal year ended March 31, 2018.

Here’s What You Need to Know

  • Total revenues were approximately $2.19 million for FYE 2018, as compared to approximately $580 thousand for the FYE 2017.
  • This revenue was generated from IGC’s legacy business that includes trading of steel and iron ore and rental of heavy equipment, rather than the company’s development of cannabinoid-based alternative therapies.
  • IGC plans to maintain annual trading revenue between $3 and $5 million and work on increased margins.
  • In the second half of calendar year 2018, IGC expects to add revenues from the company’s cannabinoid-based Hyalolex with a goal of introducing the product into 10 states by the end of 2018.
  • Selling, general and administrative expenses were about $1.87 million for fiscal 2018, as compared to about $2.27 million for fiscal 2017.  The decrease in SG&A is attributable to decreased depreciation and other SG&A expenses.
  • Net losses were approximately $1.79 million in fiscal year 2018, as compared to approximately $1.85 million in fiscal year 2017.  The deceased loss is attributed to lower SG&A.
  • At the end of fiscal year 2018, the company reported approximately $1.65 million in cash and cash equivalents and working capital of approximately $860 thousand.

Click here for the full IGC 10-K Annual Report

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Tags: HyalolexIndia Globalization Capital Inc.NYSE:IGC

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