China Education Resources, Inc. (CHNUF: OTCQX International) | China Education Resources Inc. made $604,106 net profit in Q3 2016

OTC

China Education Resources Inc. made $604,106 net profit in Q3 2016

Nov 30, 2016

OTC Disclosure News Service

Vancouver, BC, Canada

www.chinaeducationresources.com

 

TSX VENTURE SYMBOL: CHN

OTCQX:
CHNUF

 

China Education
Resources Inc.
made $604,106 net profit in Q3 2016

 

VANCOUVER,
Canada (
November 30, 2016) – China Education Resources, Inc.
(“CER”) (TSXV: CHN) (OTCQX: CHNUF), an edu-tech company with leading
technology in intelligent system and content provider for
online learning, training courses and
social media for teachers, students and education professionals, announced its
financial results for the third quarter of 201
6.
All figures are expressed in U.S. dollars.

 

China Education Resources generated gross
revenues of
$1,914,856
(RMB 12,934,161)
in the third quarter of
201
6. This is compared to gross revenue of $2,414,871 (RMB 15,430,428) for
the same period in 201
5. It recorded a net income attributable
to shareholders of $511,406 as compared to a net
profit attributable
to shareholders of $369,437 for the same period in 201
5.

 

During
the nine months ended September 30, 201
6, the Company generated
revenue of $9,856,034 (RMB 64,850,863) as compared with $9,811,465 (RMB 61,213,832)
for the same period in 201
5. The net profit attributable to
the
shareholders
of the Company for the period was $1,553,454 as compared to $924,083 net
profit for the same
period in 201
5.

 

The Q3 of 2016
financial highlights are as summarized as follows:

 

2016 2015 Percentage

(USD)    (USD)    change

Consolidated Statements of Comprehensive Income

Three months ended September 30,

Book sales and distribution services 844,982      1,565,384     -46.0%

Online products 1,069,874      849,487     25.9%

Total revenue 1,914,856      2,414,871     -20.7%

Net income attributable to shareholders

 of the Company for the three months 511,406      369,437     38.4%

 

As all of our sales revenue were generated in China in Chinese local
currency, Renminbi (“RMB”), their amounts are summarized below for strict
forward comparison purpose without the impact of conversion into USD with
different exchange rates at different period of time:

 

2016 2015 Percentage

(RMB) (RMB)    change

Consolidated Statements of Comprehensive Income

Nine months ended September 30,

Book sales and distribution services 31,256,462      32,784,595     -4.7%

Online products   33,594,401      28,429,237     18.2%

Total revenue 64,850,863      61,213,832     5.9%

The
sales revenue for the third quarter of 2016 decreased as compared with the same
period of last year. However, the net income attributable to shareholders
increased in the third quarter of 2016 as compared with the same period of last
year.

 

The
sales revenue and net income attributable to shareholders for the nine-month
period ended September 30, 2016 both increased as compared with the same period
of last year.

 

“We
are pleased with our overall performance for the nine-month period ended September
30, 201
6, and the operating performance of the
company is expected strong for the remaining of the year.” said Chengfeng Zhou,
CEO, China Education Resources. 
“We have
launched
our soccer education
online platform which
integrates
the functions of
CER
online teacher training platform and school platform
. Together with our partners, we will create a brand new student soccer
learning and training model with high quality soccer textbook contents together
with the leading edge online training platform for K to 12 students and
teachers.
We
expect 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.

 

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