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India Globalization Capital More Than Doubles Revenue, Posts Q2 Net Loss of $1.32M

November 6, 2019 9:32 am
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India Globalization Capital More Than Doubles Revenue, Posts Q2 Net Loss of $1.32M

India Globalization Capital, Inc. (NYSE:IGC) reported Wednesday with second-quarter revenue of $1.8 million, up 125% from the same quarter in 2018, when it posted $810,000 in revenue. 

During the quarter, the plant and cannabinoid business, including sales of Holi Hemp and Hyalolex-branded products, accounted for 20% of the company's revenue.

The remaining 80% of the revenue came from the company’s India-based infrastructure operations, India Globalization Capital said in a press release.

The company disclosed a net loss for the quarter of $1.32 million, or 3 cents per share, versus a loss of $1.19 million and 3 cents per share in the corresponding quarter in the previous year.

The bigger loss was mostly due to raised plant costs and cannabinoid business and legal expenses, according to the company.

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India Globalization Capital disclosed operational updates that occurred during the quarter, such as obtaining Puerto Rico Institutional Review Board approval for its pharmaceutical trial for Hyalolex; reaching more dispensaries in Puerto Rico for Hyalolex sales; and opening a new research and marketing hub in Bogota.

India Globalization Capital is a Maryland-based company that runs two operations: plant and cannabinoid-based products and infrastructure.

The stock was trading 2.57% higher at 94 cents in Wednesday's premarket session. 

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