Shine Media Acquisition Corp. has provided the unaudited financial results for British Virgin Islands-registered China Greenscape Co., Ltd., as well as for its wholly owned Chinese operating subsidiary, Jiangsu Sunshine Zoology and Forestry Development Co., Ltd., for the three and six months periods of this year ended June 30.
In May, 2008 the Chinese company signed a stock purchase agreement to acquire 100% of the BVI company China Greenscape, which, in its turn, owns 100% of Sunshine. Sunshine is one of the largest providers of greenery to China growing cities and development zones. The company which was founded in 2002 now is to become one of the largest forest product companies in China in the next 5 years.
For the three months period, BVI-owned Sunshine reported generated revenues of US$15.0 million – an increase of 56.2% from $9.6 million for the same period of the prior year. Gross profit for the three months ended June 30, 2008 was US$10.3 million – up 94.3% (from US$5.3million). Net income for the three months ended June 30, 2008 was US$9.1 million, an increase of 88.1% from US$4.8 million for the same period of the prior year. Comprehensive income of China Greenscape for the three months ended June 30 was approximately US$10.3 million.
For the six months period ended June 30, 2008 Sunshine had revenues of US$23.6 million – a 45.6% increase from the previous year period. Gross profit was US$15.6 million, that is up 67.9% from US$9.3 million for the same period in the prior year. Net income for the six months ended June 30, 2008 was US$13.4 million, an increase of US$4.9 million (from US$8.5 million). Comprehensive income of BVI-domiciled China Greenscape for the six months ended June 30, 2008 was approximately US$16.5 million.
According to the comments of company’s CEO Mr. Henry Zhu, China Greenscape experienced a substantial increase in revenue, margins and earnings and now is to exceed the 2008 earnings guidance of US$27 million. The BVI company is also expecting that its growth will accelerate in 2009, and it will exceed its 2009 earnings guidance of US$37 million. After closing of company’s merger with Shine, it will become a U.S. publicly listed company.