February 07, 2006 04:00 PM US Eastern Timezone
Sino Express Reports 2005 Unaudited Annual Financial Results
HONG KONG--(BUSINESS WIRE)--Feb. 7, 2006--Sino Express Travel Limited (OTC:SXPT), a leading travel service provider in greater China, today announced its unaudited financial results for the year ended December 31, 2005.
Highlights for the full year 2005:
-- The annual 2005 financial statements include results from
subsidiaries (post acquisition date):
-- GS Travel Limited, headquartered in Hong Kong.
Acquired on 1st August 2005.
-- Guang Zhi Lui Limited ("www.v222.com"), based in
Guangzhou, China. Acquired on 1st October 2005.
-- Net revenues were US$2.87 million in the year 2005.
-- Gross profit was US$297,448
-- Net income was US$70,446
Pro forma combined financial statements for the full year 2005:
-- The pro forma 2005 annual financial statements include results
from 1st of January 2005 on.
Subsidiaries:
-- GS Travel Limited, headquartered in Hong Kong.
-- Guang Zhi Lui Limited ("www.v222.com"), based in Guang
Zhou China.
-- NSIBC Limited ("www.NSIBC.com"), based in Beijing
China. Acquired on 1st January 2006.
-- YTD Limited ("www.ytdchina.com") based in Guang Zhou
China. Acquired on 1st January 2006.
-- The pro forma Net revenues were US$7.72 million in the year
2005.
-- The pro forma Gross profit was US$901,008
-- The pro forma Net income was US$244,570
"We are pleased to report our first annual financial performance. The management looks forward to consolidate more companies and facilitate earning growth in 2006. We will also continue to work closely with our appointed external auditor PKF International to make Sino Express a full reporting company in the shortest possible time frame," commented Xia Chen, Chief Executive Officer of Sino Express.
Sino Express Travel Limited (www.sinoexpresstravel.com) together with its 100% owned subsidiaries, GS Travel (Hong Kong) Ltd, NSIBC Ltd, YTD Ltd and www.v222.com, is an international travel company with operating offices in Hong Kong, Beijing, Guangzhou, Vancouver, Toronto and Seattle. Sino intends to grow its business by acquiring and operating a diversified travel business portfolio, seeking to invest in profitable travel related companies with reputable management and high growth potential.
Forward-Looking Statement
Certain information contained in these materials is "forward-looking" information, such as projections, estimates, pro formas, or statements of intentions, expectations or plans. All forward-looking information is subject to known and unknown risks and uncertainties, many of which are outside of the control of the company. Consequently, actual results may, and probably will, differ materially from the results contemplated in such forward-looking information.
Contacts
Sino Express Travel
Miss Shirley Yu, (852) 3106-0998 (Investor Relations)
Fax: (852) 3106-0280
ir@sinoexpresstravel.com
