Sino-Global reports loss for fiscal year

Sino-Global reports loss for fiscal year    Sino-Global Shipping America Ltd., a non-state-owned provider of shipping agency services operating primarily in China, reported net loss of $1.7 million in the fiscal year ending June 30, compared to a $100,000 profit in the prior fiscal year.
   The company, whose stock is traded in the United States on Nasdaq, said revenue increased 21.5 percent to $18.3 million.
   Cao Lei, Sino-Global’s chief executive officer, said the company was hurt by the global recession. “As a majority of our revenue comes from iron ore imports, the negotiation complications between the world’s major iron ore suppliers and China’s steel makers also had a negative effect on our business,” he said.
   “While uncertainties in the global economy still exist, the shipping industry has recently shown promising signs of improvement. Our growing network and targeted marketing campaign have increased our brand awareness which helped us to serve a record high 76 vessels during the final quarter of our fiscal year,” he said.