BEIJING and CLAREMONT, Calif., Aug. 11 /Xinhua-PRNewswire-FirstCall/ -- Kiwa Bio-Tech Products Group Corporation (OTC Bulletin Board: KWBT) announced revenues for the second quarter of 2008 ended June 30 were $3,027,497 an increase of 61.7% above revenues of $1,872,647 for the second quarter of 2007. Revenues for the first six months were $5,211,768 an increase of 60% from the previous year.
The significant revenue improvement during the second quarter was due to a 61.3% increase in the bio-feed business and a doubling of the bio-fertilizer business from the same period of the previous year. Kiwa has previously announced that significant contracts for delivery of fertilizer products were signed at the end of the end of the quarter for delivery during the second half of 2008 and early 2009.
The loss from continuing operations for the three-month period ended June 30, 2008 was $631,021 (including non-cash expenses of $237,104), compared to $892,384 for the three months ended June 30, 2007. The 29.3% decrease in the net loss was partially the result of a decrease in gross profits due to increased raw material costs, a decrease in operating expenses, a decrease in interest expenses and an increase in minority interest in a subsidiary. Please refer to documents filed today with the Securities and Exchange Commission for additional information on the results for the second quarter of 2008.
Mr. Wei Li, CEO and Chairman of the Company, stated, "Kiwa reached a
number of milestones during the last four months that set the path for
significant rapid growth in the second half of 2008."
Highlights of the Second Quarter:
-- In May Kiwa announced that based on results of testing the Beijing Lv
Fu Long Vegetable Company would start placing orders for Kiwa
Shandong's bio-fertilizer products. Kiwa's "Di Fu Kang" fertilizer
was found to control Gray Mould Blight of cucumber fruits, increase the
|SOURCE Kiwa Bio-Tech Products Group Corporation|
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