Sino-Global Shipping America, Ltd. (SINO) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $1.30 million, or $ 0.14 a share in the quarter, against a net loss of $0.74 million, or $0.09 a share in the last year period.

Revenue during the quarter surged 134.08 percent to $2.75 million from $1.17 million in the previous year period. Gross margin for the quarter expanded 1166 basis points over the previous year period to 58.79 percent. Operating margin for the quarter period stood at positive 35 percent as compared to a negative 56.29 percent for the previous year period.

Operating income for the quarter was $0.96 million, compared with an operating loss of $0.66 million in the previous year period.

Mr. Lei Cao, chief executive officer of Sino-Global, stated, "We had a strong quarter and nine-month period marked by significant increases in revenue and a substantial reduction in our operating expenses. We continued to make progress on the initiatives we first implemented last year with the wind down of our Shipping Agency and Ship Management services as well as the discontinuation of our shipping and charter business. The shift in business mix towards lower-cost services has resulted in profit margins for the three-month period of 58.8% as compared to 47.1% for the prior year."

The company has spent $0.06 million cash to meet investing activities during the nine month period as against cash inflow of $0.31 million in the last year period

Cash flow from financing activities was $4.40 million for the nine month period, up 579.24 percent or $3.75 million, when compared with the last year period.

Cash and cash equivalents stood at $8.84 million as on Mar. 31, 2017, up 116.88 percent or $4.76 million from $4.08 million on Mar. 31, 2016.