Mining company India Globalization Capital, Inc. (IGC) reported that net loss for fiscal 2015 widened to $4.61 million from $3.02 million in the year-ago quarter, while loss per share narrowed to $0.31 from last year's $0.37, due of higher share count.
The company said adjusted net loss, excluding one-time and non-cash items, for fiscal 2015 $2.36 million.
Revenue for the year grew to $7.68 million from $2.27 million in the same quarter last year.
The company said it successfully transitioned away from iron ore and dependency on the growth of the Chinese economy to electronics supply chain for OEMs. It focused on supplying electronic components for the Internet of Things to OEMs in Asia, Europe, and the Americas.
The company said it expects to grow its business by leveraging its international presence and pursuing higher margin distribution agreements with some of the large component manufacturers.
It is also driving cost synergies in lighting, control systems and other technologies for building out vertical farm infrastructure that can eventually be used to grow medical grade cannabis for phytocannabinoid based nutraceuticals and pharmaceuticals.
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