Tue Aug 28, 2018 China Education Resources Inc. made $1,084,786 net profit in Q2 2018
VANCOUVER, Canada (August 28, 2018) - China Education Resources, Inc. ("CER") (TSXV: CHN) (OTC: CHNUF), an ed-tech company with leading technology of intelligent system and contents to provide online/offline learning, training courses and social media for teachers, students and education professionals, announced its financial results for the second quarter of 2018. All figures are expressed in U.S. dollars.
China Education Resources generated gross revenues of $ 5,360,958 in the second quarter of 2018. This is compared to gross revenue of $5,389,330 for the same period in 2017. It recorded a net income attributable to shareholders of $1,084,786 as compared to a net income attributable to shareholders of $929,851 for the same period in 2017.
During the six months ended June 30, 2018, the Company generated revenue of $8,112,107 as compared with $8,176,781 for the same period in 2017. The net income attributable to the shareholders of the Company for the period was $1,245,948 as compared to $1,268,805 net income for the same period in 2017.
The Q2 of 2018 financial highlights are as summarized as follows:
2018 (USD)
2017 (USD)
Percentage change
Consolidated Statements of Comprehensive Income
Three months ended June 30
Book sales and distribution services
3,471,840
3,038,678
14.3%
Online products
1,889,118
2,350,652
-19.6%
Total revenue
5,360,958
5,389,330
-0.5%
Net income attributable to shareholders of the Company for the three months
1,084,786
929,851
16.7%
Six months ended June 30
Total revenue
8,112,107
8,176,781
-0.8%
Net income attributable to shareholders of the Company for the six months
1,245,948
1,268,805
-1.8%
There was an increase in revenue from the textbook sales and distribution services and decrease in revenue from online products for the current quarter as compared to the same period in 2017. The decrease in revenue from online products was mainly due to the delay in teacher training in some cities in China.
"We are pleased with our continually making profit.” said Chengfeng Zhou, CEO, China Education Resources. “We expect the sales of the Company will continue to grow and our unique and comprehensive blend of education resources and services will provide CER with long-term revenue potential.” For more information, please visit www.chinaeducationresources.com or Email: admin@chinaeducationresources.com.
In collaboration with China's education administrators and experts, China Education Resources has been helping to transform the curriculum of the world's largest educational system. Recognizing the need to address education reform changes, China Education Resources has created educational tools and curriculum for China's entire kindergarten through twelfth grade system. The Company is playing an integral part in transforming China's educational system through helping to convert the existing educational system from a memory-based learning system to a creative thinking and interactive approach. Presently, China Education Resources has over 1 million kindergarten through twelfth grade teachers registered through its Web portal.
Safe Harbor Statement
Certain statements made herein, and other statements relating to matters that are not historical facts and statements of our beliefs, intentions and expectations about developments, results and events which will or may occur in the future, constitute "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information and statements are typically identified by words such as "anticipate", "could", "should", "expect", "seek", "may", "intend", "likely", "plan", "estimate", "will", "believe" and similar expressions suggesting future outcomes or statements regarding an outlook. All such forward-looking information and statements are based on certain assumptions and analysis made by China Education Resources, Inc.'s management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information or statements. Important factors that could cause actual results to differ from these forward-looking statements include those described under the heading "Risks and Uncertainties" elsewhere in the Company's MD&A filed at www.SEDAR.com. The reader is cautioned not to place undue reliance on forward-looking information or statements. Except as required by law the Company does not assume the obligation to revise or update these forward looking statements after the date of this document or to revise them to reflect the occurrence of future, unanticipated events.
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