India Globalization Capital reports healthy annual revenue from its two business units
Monday, 17 June 2019 India Globalization Capital Inc (NYSE:IGC) saw its revenue surge as sales commenced in its plant and CBD business during fiscal year 2019. The Bethesda, Maryland-based company has two lines of business: infrastructure and plant and CBD-based products. Total revenue for the year was around $5.1 million compared to around $2.2 million the previous year. In both years, revenue was sourced primarily from the company’s India-based infrastructure business, which consists of heavy equipment rental and construction contracts. READ: Buds & Duds: Cannabis stocks perk up as Cannabis One shares jump amid continued expansion The company’s net loss widened during the period to $4.1 million. or $0.12 per share, as compared to $2.3 million, or $0.06 per share, a year prior. During the last week of fiscal 2019, IGC began selling its Holi Hemp product under the plant and CBD business line, which contributed $25,000 to total revenue in its first week of sales. The company also started selling Hyalolex, its flagship product to improve the quality of life in people suffering from Alzheimer’s, in select dispensaries in Puerto Rico. Shares of IGC ticked almost 1% higher in aftermarket trading to $1.18. Contact Angela at [email protected] Follow her on Twitter @AHarmantas
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