NEW YORK ( TheStreet) -- Origin Agritech Limited ( SEED) dropped 16% to $2.04 a share shortly after the market opened on Wednesday after the company announced its unaudited financial results for the fiscal year that ended on Sept. 30, 2013. As of 10:18 a/m/, the stock traded at a volume of more than one million compared to its average volume of approximately 333,000.
The results account for Origin's consolidated financial statements from October 1, 2012 to September 30, 2013. The company posted a $2.92 million operating profit for the fiscal year compared to the $568,955 operating loss in the fiscal year in 2012. This growth occurred despite a 13% revenue decline to $77.30 million in the fiscal year 2013.
The gross profit for China's leading agricultural biotechnology company also grew 1% year-over-year to $27.3 million in the fiscal year 2013. Finally, operating expense declined 12% from $27.5 million in the fiscal year 2012 to $24.3 million in the fiscal year 2013.