Kiwa Bio-Tech Announces Second Quarter Increased Sales and Income
Ontario, CA - (WORLD STOCK WIRE) - August 18, 2017 -- Kiwa Bio-Tech Products Group Corporation (OTCQB: KWBT) ("Kiwa" or the "Company"), a Company focused on eco-friendly biological fertilizers promoting harmless agriculture, released fiscal second quarter financial results that were driven by strong sales growth in Chinese market.
For the quarter ended June 30, 2017, the Company reported net income was $5,016,977 (including $4,513,363 one-time gain from discontinued operations), compared with $181,975 in the second quarter of 2016. 2017 second quarter revenue was $5,682,108, compared with $443,085 for the same period a year ago.
2017 second quarter net income was $5,016,977 (including $4,513,363 one-time gain from discontinued operations), compared to net income of $181,975 in the second quarter of 2016.
2017 second quarter net income from continuing operations increased 277% over 2016 second quarter net income from continuing operations.
2017 second quarter revenue was $5,682,108, compared with $443,085 in the second quarter of 2016.
Our new biological organic fertilizer manufacturing base will commence operations at the end of 2017.
We expect to expand our 4 sales teams in various regions in China to increase market penetration and sales.
"We continue to see strong sales growth in our key markets on both a quarter-to-quarter and year-to-year basis. We believe that our growth derives from increasing demand for biological organic fertilizer products," said Kiwa CEO, Yvonne Wang. "To meet the need of this large and growing market, we expect that our new fertilizer manufacturing facility will commence operations by the end of 2017."
"During the second quarter of this fiscal year, the sales results exceeded our expectations and reached 25,500 tons of fertilizer products. This significant growth is due to the accomplishment of several milestones in our business plan. We plan to proactively adjust our product mix, expand our sales teams, and develop enhanced sales and marketing strategies in major agricultural areas of North, South and Central China. As a result, we believe that we can achieve our sales target of 100,000 tons of biological organic fertilizer products for the remainder of fiscal year 2017. At the same time, Kiwa is participating in establishing the standard system of harmless agriculture, which will have a significant impact on the development of agriculture in China," said Wang.
In China, the biological organic fertilizer markets continue to grow due to increasing demand and strong consumption in most key economic crop planting regions in China. The tea-planting region in South and Central parts of China covers an area of approximately 3,320,000 mu (221,333 hectares) and the tobacco and orange planting areas in South China cover approximate 770,000 mu (51,333 hectares) and 2,557,498 mu (170,500 hectares) respectively.
The Chinese Ministry of Agriculture issued a notice "Implementation of the Plan to Use Organic Fertilizer on the Cultivation of Fruit, Vegetables and Tea" in April 2017. The notice created a requirement to use at least 50 % organic fertilizer in China's main planting areas of fruit, vegetables and tea by 2020 as a part of a program to replace chemical fertilizer with biological organic fertilizer.
About Kiwa Bio-Tech Products Group Corporation
Leader in Harmless Agricultural Industry Chain
Kiwa Bio-Tech Products Group Corporation develops, manufactures, distributes, and markets innovative, cost-effective and environmentally safe bio-technological products for agricultural and environmental conservation. The Company's products are designed to enhance the quality of human life by increasing the value, quality and productivity of crops and decreasing the negative environmental impact of chemicals and other wastes.
Kiwa is dedicated to eco-agricultural development and environmental control by developing, producing, and selling bio-technological products with high technology, low-cost, and high productivity to satisfy the growing market demand. Kiwa's development is creating a standardized and ecologically safe agricultural industry chain platform. The Company's development effort is based in China, and has gradually expanded to the international market.
Kiwa uses new bio-technological skills at its core, with organic, ecologically sound, and "green" practices as its theme. The Company strives for customer satisfaction and continued development. Kiwa is dedicated to making safe food, further developing eco-agriculture and upholding a responsibility of contributing to China's agricultural safety, food safety, and a healthy lifestyle. For more information on Kiwa and its products, please refer to the Company's website at www.kiwabiotech.com or the Company filings with the United States Securities and Exchange Commission, available for free at www.sec.gov.
This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements involve risk and uncertainties that could cause actual results to differ materially from any future results described by the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the U.S. Securities and Exchange Commission. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release.
kiwa Bio-Tech Products Group Corp.
3200 Guasti Road
Ontario, CA 91761
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