HARBIN, China, April 13, 2011 /PRNewswire-Asia/ -- China Green Material Technologies, Inc. (OTCQB Market: CAGM; "CAGM" or "the Company"), a China-based leader in developing and manufacturing starch-based biodegradable, disposable containers, tableware and packaging materials, today announced financial results for the full year ended December 31, 2010.
Full Year of 2010:
Revenues – Total revenues increased 49.5% to $20.0 million for the year ended December 31, 2010 from $13.4 million in the year ended December 31, 2009. The increased revenues reflect strong reorders from existing customers, orders from seven new customers, and expansion in the supermarket sector. The Company increased average selling prices by approximately 6.4% and tons of volume sold by 40.6% in the year ended December 31, 2010. 99.4% of revenue was derived from the domestic China market and 32.6% came from customized product orders.
Mr. Su Zhonghao, Chief Executive Officer of the Company, declared, "We experienced further acceleration in our revenue growth to 49.5% for the year ended December 31, 2010. This strong momentum reflects growing demand from new and existing customers in China, particularly for the product categories of disposable cups, containers and plates. As we continue to introduce new branded products, which are stronger and less expensive than those from our competitors, we are poised to capture additional market share in the rapidly growing RMB 2.5 billion biodegradable products market in China."
Gross Profit - Gross profit increased 38.3% to $8.8 million for the year ended December 31, 2010 compared to $6.4 million in the year ended December 31, 2009, while gross margin was 43.9% in 2010 versus 47.4% a year ago. The decrease in the gross margin percentage was largely due to an increase in overall production costs by 13.5%, which were mainly caused by higher raw material prices and depreciation and amortization
|SOURCE China Green Material Technologies, Inc.|
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