VANCOUVER, Nov. 30, 2011 /PRNewswire/ - China Education Resources, Inc. ("CER") (TSXV: CHN, OTCQX: CHNUF), a leading technology provider of online learning, training courses and tools for teachers, students and education professionals in China, announced its financial results for the third quarter of 2011. All figures are expressed in U.S. dollars.
The Company acquired the remaining 10% equity ownership of the China subsidiary, CEN Smart Networks Ltd. ("CEN Smart") for a nominal value on September 26, 2011 resulting in a 100% equity ownership of CEN Smart. Through CEN Smart, the Company now has an effective ownership of 100% and 60% equity interests in our China subsidiaries, Today's Teachers Technology & Culture Ltd. ("TTTC") and Zhong Yu Cheng Yuan Education Technology Ltd. ("ZYCY"), respectively. TTTC is a provider of online teacher training and ZYCY is involved in book selling business. Both TTTC and ZYCY are our revenue generation engines in China.
CER generated gross revenues of $3,162,211 in the third quarter of 2011. This is compared to gross revenue of $2,112,587 for the same period in 2010, representing a 49.7% increase in revenue. It recorded a net profit of $670,842 as compared to a net profit of $333,200 for the same period in 2010, representing a 101% increase in net profit.Q3 of 2011 financial highlights includes:
- Online teacher training revenue of $1,755,040 generated during the third quarter of 2011 as compared to $847,983 during the same period in 2010, representing a 107% increase in revenue from teacher training;
- Text book sales revenue of $1,407,171 generated during the third quarter of 2011 as compared to $1,264,604 during the same period in 2010, representing a 11% increase in revenue from text book sales.
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