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VANCOUVER, April 30 /CNW/ - Polo Biology Global Group Corporation ("Polo" or the "Company") (TSXV: PGG), today announced its financial results for the year ended December 31, 2009.
For the year ended December 31, 2009, Polo reported revenues of $4.0 million compared to $3.7 million in 2008. Gross profit amounted to $2.8 million or 70 percent of revenues in fiscal 2009 versus $2.4 million or 65% in 2008. The Company generated an operating loss of $48,255 in 2009 compared to an operating income of $107,784 in 2008, and a net income after non-controlling interest of $31,124 ($0.00 per share) compared to an operating loss of $8,016 ($0.00 per share) in 2008. These improvements in operating results were primarily due to the Company's concerted sales efforts in the fourth quarter of 2009.
As at December 31, 2009, Polo has $0.4 million in cash and equivalents, compared to $1.5 million at December 31, 2007.
"I am pleased with our progress in 2009, especially given the impact on consumer spending felt from the global financial recession, in addition to the increased costs of operating a public company," said Paul Wu, President and Chief Executive Officer of Polo Biology Global Group. "We continue to work with a number of China's largest distributors and have commenced our international expansion plans, which we anticipate will contribute further growth throughout 2010 and beyond."
As at December 31, 2009, the Company had a weighted average number of shares outstanding of 49,399,997.
About Polo Biology Global Group Corporation
The Company, through its operating subsidiaries in China, develops, manufactures and distributes health supplements, personal and homecare products across China under the Polo brand. The Company currently distributes its products through Polo Biology Science Park Co., Ltd., which manages a network of retail outlets operated by its franchisees.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
SOURCE POLO BIOLOGY GLOBAL GROUP CORPORATION
For further information: For further information: Paul Wu, Chief Executive Officer, Polo Biology Global Group Corporation, Telephone: (604) 601-8433, E-mail: firstname.lastname@example.org; or Ming (Barry) Sheng, Investor Relations, Polo Biology Global Group Corporation, Telephone: (604) 601-8433, E-mail: email@example.com