Benzinga | Aug 2, 2021 10:23AM EDT

Farmmi Shares Gain On 31% Revenue Growth In H1'21

* Agriculture products supplier Farmmi Inc (NASDAQ:FAMI) reported the first-half FY21 sales growth of 31% year-on-year, to $17.79 million.

* The increased sales volume was mainly due to the recovery of economic activities in China, which led to increased customer orders.

* Shiitake Sales recorded a 37.4% Y/Y growth to $10.10 million, and Mu Er Sales rose 27.4% to $7.34 million.

* Gross profit increased 41.6% Y/Y to $2.99 million and gross margin for 1H improved 130 basis points to 16.8%.

* The operating margin was 8.1%, and operating income for the quarter rose 26.3% to $1.44 million.

* The company held $16 million in cash and equivalents as of March 31, 2021.

* It reported EPS of $0.07 for the six months.

* "We successfully worked with our supply chain and customers to meet demand levels that were moving up and down with the COVID-19 lockdowns," said Chairwoman and CEO Yefang Zhang.

* Price action: FAMI shares are trading higher by 5.16% at $0.3933 on the last check Monday.