China Fruits Corporation, a producer and distributor of fresh tangerine and other fresh fruits in the People's Republic of China, today released its financial results of fiscal year ended December 31, 2013.
Fiscal Year 2013 Highlights
• Gross revenues were $9,369,901, which increased 163.89% year-over-year, comparing to gross revenues of $3,550,674 in FY2012.
• Gross profits were $2,083,717, which increased 329.08% year-over-year, comparing to the corresponding period in FY2012
• Accordingly, gross margin was 22.2%, comparing to gross margin of 13.7% in FY 2012
• Net income was $166,622, comparing to net loss of $88,016 in FY2012
"We are pleased to see that the Company's profitability is improving with strong growth in revenues and efficient management of cost," said Mr. Quanlong Chen, Chairman and Chief Executive Officer of China Fruits Corporation. "We recorded operating loss of $30,708 in Fiscal Year 2013, which was a notable improvement from last year's operating loss of $1,030,806. Our gross profit margin also grew to 22.2% from 13.7% in FY 2012.
"The increasing traffic in our retail stores has been laying a solid foundation for a sustained growth of our revenues, which increased by 163.89%, comparing to our revenues in Fiscal Year 2012," added Mr. Quanlong Chen. "As a strategic focus on our development in 2014, we expect to expand our retail stores network via acquisitions of sixty four franchise stores within the year."
