Sino-Global Shipping America: Plunges on steep fall in Q3 revenue

Singularity Future Technology

07/07/2020 13:33

** U.S.-listed shares of shipping services company  SINO.O 
plummet 37.2% to $1.82 premarket 
    ** SINO's Q3 rev hammered by nearly 94% to $1.4 mln,
widening its loss per share to 22 cents from 9 cents a year
ago urn:newsml:reuters.com:*:nPn902kL9a
    ** Qtr was largely impacted by impact on trade from delays
in a U.S.-China trade agreement and COVID-19 - CEO Lei Cao  
    ** Co says rev took a hit due to shift in business focus on
acting as an agent for freight logistics instead of providing
the services itself and receipt of no new contracts in inland
transportation business 
    ** Stock up ~29% YTD as of last close

 (Reporting by Taru Jain)
 ((taru.jain@thomsonreuters.com))