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BETHESDA, Md., July 17, 2013 (GLOBE NEWSWIRE) -- India Globalization Capital, Inc. (NYSE MKT:IGC), a company competing in the rapidly growing materials and infrastructure industry, announced financial results for the Fiscal Year Ended (FYE) March 31, 2013.
Ram Mukunda, CEO of India Globalization Capital, said, "We continue to make important progress across a multiple of fronts as the Company executes on its strategic plan. Our revenue grew by 92% during the period, but more importantly, we have aggressively repositioned the Company by realigning resources to cut our cost structure by approximately 35%. As a result, we expect to experience an improved profit margin as the Company mines the estimated $500 million of reserves currently associated with our four mine sites in Inner Mongolia. In addition, we have vastly improved our balance sheet by reducing total liabilities by approximately $5.2 million."
Mukunda explained, "Our plans for fiscal 2014 are focused on adding to our iron ore reserves and producing incremental revenue and profit from China, India, and Mongolia."
Mukunda continued, "Our focus will include: 1) close and operationalize the recently announced acquisition of a 25% ownership interest in an Inner Mongolian mine, with an estimated $200 million in reserves, which we believe will produce near term incremental revenue and profit, 2) bolster our presence at the border of China and Mongolia and begin shipping ore from Mongolia based on the recently announced purchase agreement, which we anticipate will also add incremental revenue and profitability over the course of this coming year, 3) fully operationalize the Linxi mines and plants, 4) resume our iron ore trading operations in India as mines come back on line after the monsoon season, and 5) continue to make accretive acquisitions that build our asset base."
In FYE 2013, the reported GAAP loss decreased over about 67% from the prior year. The Company reported a GAAP loss of ($2.26 million), and an EPS of ($0.32), compared to a loss of about ($7.75 million) and an EPS of ($2.66) in FYE 2012. The GAAP loss for FYE 2013 includes several non-cash expenses primarily attributable to employee stock options and non-cash interest charges in the amount of approximately $1.2 million.