|Third Quarter 2019 Highlights|
Sales in the three months ended March 31, 2019 increased by $17,572,969 or 337.9%, from $5,220,170 for the three months ended March 31, 2018, to $22,773,139. The increase was mainly due to the fact that we continued to expand our freight logistics segment through continuing co-operations with our major customers. Revenue from the freight logistics segment increased approximately $18.0 million or 503.8% compared to the same period in fiscal year 2018.
During the quarter ended March 31, 2019, we generated approximately $1.0 million in revenue from providing shipping agency services. We transitioned back into the shipping agency business in the second quarter of 2019 since we have an integrated online logistics platform that allows us to handle a wider base of customers in China and ports throughout the world.
On January 1, 2019, the Company signed a shipment service agreement with Chongqing Iron and Steel Company (“Chongqing Iron and Steel”) which engaged the Company to ship one million tons of iron ore and coal to the designated port of Chongqing with service period from January 1, 2019 to December 31, 2019. This business relationship will further enhance and develop our freight logistics business.