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| | Tue Aug 31, 2021
China Education Resources Inc. Reports Q2 2021 Financial Results
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| | VANCOUVER, Canada (August 31, 2021) China Education Resources, Inc. ("CER") (TSXV: CHN) (OTCQB: CHNUF) is an ed-tech company with leading technology of intelligent system and contents. It provides online/offline learning, training courses and social media for teachers, students and education professionals. CER today announced its financial results for the second quarter of 2021. All figures are expressed in U.S. dollars.
CER generated gross revenue of $3,994,757 in the second quarter of 2021 as compared with gross revenue of $3,734,501 for the same period in 2020. There was an increase in revenue from book sales and distribution service and a decrease in revenue from online products for the current quarter as compared to the same period in 2020.
During the six months ended June 30, 2021, CER generated revenue of $5,223,250 as compared with $4,333,775 for the same period in 2020.
The Q2 of 2021 financial highlights are as summarized as follows:
| |
2021
(USD) |
2020
(USD) |
Percentage
change |
Consolidated Statements of Comprehensive Income |
|
|
|
| Three months ended June 30 |
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|
|
| Book sales and distribution servic |
3,011,675 |
2,647,668 |
13.7% |
| Online products |
983,082 |
1,086,833 |
-9.5% |
| Total revenue |
3,994,757 |
3,734,501 |
7.0% |
Net income attributable to shareholders
of the Company for the three months |
382,803 |
795,883 |
-51.9% |
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|
|
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| Six months ended June 30 |
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| Total revenue |
5,223,250 |
4,333,775 |
20.5% |
Net income attributable to shareholders
of the Company for the six months |
77,915 |
466,332 |
-83.3% |
For the six months ended June 30, 2021, CER reported aggregate sales revenue of $5,223,250 (2020: $4,333,775). The revenue from book sales and distribution service was $3,921,296 and revenue from online products was $1,301,954. There was an increase in revenue from both book sales and distribution service and online products for the six months as compared to the same period in 2020. The decreased net income was mainly due to the increase in the selling and marketing expenses as compared with the same period in 2020.
"We are pleased that our business is in the right direction to address the speed up of changes in life styles and habits of people due to the COVID-19 pandemic." said Chengfeng Zhou, CEO, China Education Resources. "We expect the sales revenue will continue to improve following the Chinese economy's recovery. Our online education platform and services provide a vertically blended learning, teaching, research and management system for a student-teacher-school-parent community. We believe it will provide CER with great long-term revenue potential."
CER has created educational tools and curriculum for China's entire kindergarten through twelfth grade system. CER is helping to convert the existing educational system from a memory-based learning system to a creative thinking and interactive approach. Presently, CER 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.
The TSX Venture Exchange has not reviewed, and does not accept, responsibility for the adequacy or accuracy of the contents of this press release.
Contact China Education Resources at: (604) 331-2388
Email: admin@chinaeducationresources.com.
Website: http://www.chinaeducationresources.com |
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| | You can view the Next In the News item: Tue Jul 13, 2021, CER Retains IR Firm
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