BETHESDA, Md., Aug. 16, 2013 (GLOBE NEWSWIRE) -- India Globalization Capital, Inc. (NYSE MKT:IGC), a company competing in the rapidly growing materials and infrastructure industry in India and China, announced financial results for the first quarter ended June 30, 2013.
Total revenue was approximately $1,124 thousand for the three months ended June 30, 2013 as compared to approximately $1,268 thousand for the three months ended June 30, 2012. The revenue was from our iron ore business.
Ram Mukunda, CEO of India Globalization Capital, said, "As we previously disclosed, we continue to push hard to operationalize our plants, which we expect will drive revenue and margin. The demand for ore in Inner Mongolia remains relatively strong with a slight uptick in pricing. We still see opportunities for significant revenue growth and profitability through the second half of this year. Our strategy continues to be pursuing accretive acquisitions that can add to our assets, production and near time profitability. We believe that our strategy will add considerable long term value to our shareholders as we are seeing interesting and exciting opportunities."In the three months ended June 30, 2013, the Company reported a GAAP net income loss of approximately ($634) thousand and a GAAP EPS of ($0.09) compared to a GAAP net income loss of approximately ($528) thousand and a GAAP EPS of ($0.14) for the three months ended June 30, 2012. Included in the GAAP loss for the June 30, 2013 quarter is about $489 thousand of non-cash expenses that include depreciation, non-cash interest and foreign exchange losses. Selling, general and administrative expenses were approximately $299 thousand for the three months ended June 30, 2013 as compared to approximately $441 thousand for the three months ended June 30, 2012. The decrease in SG&A is based on a reduction of overheads and a realignment to address opportunities in the mining sector.