Sangui BioTech International Inc.: Significant cost reductions in the first half - year; Significant reduction of operating loss
- Significant cost reductions in the first half - year
- Significant reduction of operating loss
Hamburg, February, 14 2020: In the first six months of fiscal year 2020 (to 30/06/2020) Sangui BioTech International Inc. achieved revenues from royalty income of USD 11,965. In the same period of the previous year the comparable revenue amounted to USD 55,367. Due to lower revenues of the wound spray Granulox, the resulting royalty income in the first six month of the year was significantly below the level of the same period of the previous year.
Responsible for this development were measures for the integration of the licensee, SastoMed GmbH into the Mölnlycke Group. In particular, the restructuring of the sales and distribution channels in the Mölnlycke Group has taken some time. Mölnlycke believes that these measures will bear fruit with respect to revenue.
As operating expenses decreased USD 104,507 or 50% to USD 104,396 during the period, six-month operating loss decreased USD 61,204 to USD 92,431 from the prior year. The reason for this was cost savings in connection with the closure of the Witten site.
Sangui BioTech International, Inc. ("SGBI") is a holding company the shares of which are being traded on the OTCQB venture stage marketplace for early stage and developing U.S. and international companies (OTCQB: SGBI). Companies are current in their reporting and undergo an annual verification and management certification process. Sangui shares also trade on the OTC markets of Berlin and Hamburg-Hannover stock exchanges (symbol: SBH). Its purpose is to provide financing and access to the capital markets for the enterprises of the Sangui group. SanguiBioTech GmbH is a ninety percent subsidiary of Sangui BioTech International, Inc.
For more information please contact: Sangui Biotech International, Inc. Thomas Striepe e-mail: firstname.lastname@example.org
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