Sino-Global Shipping America, Ltd. (SINO), a non-state-owned provider of shipping agency services operating primarily in China, Monday announced a reduction in its head count.
The Flushing, New York-based company, attributing the new cost-cutting measure to the weakened global shipping industry, announced that it would slash its workforce to 52, along with a proposed 33% reduction in annualized office rent expense. Pursuant to cost saving initiative affecting 23 employees, the company expects about 27% reduction in annualized personnel expenses.
The latest job cut announcement brings the company's total number of head count to 52 as of February 2009 from 75 as of September 2008.
Commenting on the cost cutting measures, Cao Lei, Sino-Global's chief executive officer, said, We are operating in an industry that has been particularly hard-hit by the global financial crisis.
By reducing such costs with these cost-cutting measures and expanding our services into relatively low-cost sources of revenue, we believe we can improve our operating efficiency going forward, Cao Lei added.
Furthermore, the company stated that it is considering additional cost-cutting measures to continue to improve competitiveness in the future.
Shares of the company are currently trading down 8.05% or $0.21 at $2.40 per share on an average volume of 13.45 thousand. For the past 52-week period the company's shares are trading in a range of $1.60 - $27.49.
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