Kiwa Bio-Tech Products Group Corporation (KWBT.OB) announced that revenues for the first nine months of 2007 have totaled $6,214,712, an increase of 567% over $930,442 in the first nine months of 2006.
Revenues for the third quarter of 2007 were also $2,957,972, an increase of 226% compared to $906,068 in the third quarter of 2006. Much of this significant increase can be attributed to the growth of Kiwa’s new bio-enhanced feed business. This business recorded revenues of $2.85 million for the quarter, aiding to overall company success.
Costs of sales were $2,718,712 and $852,885 for the three months ended September 30, 2007 and 2006, respectively. The increase in cost of sales was related to Kiwa’s new bio-enhanced feed business as well. Gross profit was $239,260 for the three months ended September 30, 2007, representing an average profit margin of 8.1%.
Mr. Wei Li, Chairman and CEO of Kiwa, commented, “Our growth reflects the significant growth of our joint venture located in Wuqing District in Tianjin. During the first two quarters of the year we shipped approximately 5,000 tons of bio-feed and in the third quarter alone we shipped 7,550 tons. During the third quarter we completed the first stage of upgrading of the Shandong manufacturing facility for fertilizer products and began shipping. We announced that we had registered products with the Shandong Provincial Soil and Fertilizer Station and had six products certified as organic by the China Green Food Association of the Agriculture Ministry.”
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