YSYB 2009 (AUDITED) NET INCOME USD $44,909,588.00!
YSYB 10K: For the fiscal year ended December 31, 2009.
PAGE 31 QUOTED.
NOTE KEY TAKEAWAY:
2009 (AUDITED) NET INCOME: $44,909,588.00 ( Nearly $45 MILLION USD NET INCOME ! )
2008 (AUDITED) NET INCOME: $9,900,466.00 ( Nearly $10 MILLION USD NET INCOME ! )
2009 & 2008 Net income ( $44,909,588 ) ( $9,900,466 )
Results of Operations
Year Ended December 31, 2009 Compared with Year Ended December 31, 2008
Our results of operations give effect to the restatement of previously issued consolidated financial statements as previously disclosed.
The following table shows the operating results for the years ended December 31, 2009 and December 31, 2008.
The year ended
The year ended
December 31,
December 31,
2009
2008
Consolidated Statement of Operations
($)
($)
(As restated)
(audited)
(audited)
Sales revenue, net
161,633,950 250,728,674
Cost of sales
(171,588,089 ) (229,838,842 )
Gross (loss) profit
(9,954,139 ) 20,889,832
Selling expenses
(247,301 ) (249,812 )
General and administrative expenses
(3,314,592 ) (5,552,223 )
Impairment loss of long-lived assets
(584,718 ) -
(Loss) on disposal of property, plant and equipment
(230,104 ) (31,113 )
(Loss) income from operations
(14,330,854 ) 15,056,684
Interest expense
(481,626 ) (822,355 )
Interest income
233,110 145,340
Stock exchange listing expense - (4,480,000 )
Change in fair value of warrants 59,477,401 -
Other income, net
11,557 797
Income before income taxes
44,909,588 9,900,466
Income tax
- -
Net income
44,909,588 9,900,466
Foreign currency translation adjustment
172,382 3,803,214
Comprehensive income
45,081,970 13,703,680
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