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China Environmental (GREY:CNVP)

Tuesday, February 16, 2010

For The Years Ended September 30,
	2009			2008

Net sales		26,189,005			8,736,948

Cost of goods sold		(17,103,199	)		(4,755,438	)

Gross profit		9,085,806			3,981,510

Selling, general and administrative expenses
Selling expenses		(200,248	)		(1,219,004	)
General and administrative expenses		(1,095,884	)		(595,702	)
Total SG&A expenses		(1,296,132	)		(1,814,706	)

Income from operations		7,789,674			2,166,804

Non-operating income (expenses):
Interest income (expenses)		(19,506	)		(28,466	)
Other expenses		-			(5,121	)
Total non-operating income (expenses)		(19,506	)		(33,587	)

Income before income taxes		7,770,168			2,133,217

Provision for income taxes (benefit)
Current		1,366,290			3,729
Deferred		386,290			540,163

Net income	$	6,017,588		$	1,589,325

Less: net income attributable to the noncontrolling interest		18,005			(7,791	)

Net Income attributable to the Company		5,999,583			1,597,116

Other comprehensive item
Foreign currency translation gain(loss)		28,605			(230,194	)

Comprehensive Income	$	6,028,188		$	1,366,922


Basic and diluted income per share	$	0.36		$	0.09

Weighted average number of shares		16,880,000			16,880,000