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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