China Agri-Business, Inc. (CHBU.OB) Revenues and Net Income Grow Substantially in the Third Quarter

QualityStocks would like to highlight China Agri-Business (OTCBB: CHBU). The company, through its operating company in China, Shaanxi Xinsheng Centennial Agriculture and Technology Co., Ltd., manufactures and sells non-toxic fertilizer, bactericide, and fungicide products used for farming in China.

In the company’s news yesterday,

China Agri-Business, Inc., announced its operation results for the three months ended September 30, 2010.

Sales increased from $617,457 in the third quarter of 2009 to $3,530,563 in the third quarter 2010, a 471% increase. Net income increased 261% to $895,984 in the third quarter 2010 compared to $247,818 in the third quarter of 2009. Earnings per common share was reported at $0.07 for the third quarter compared to $0.02 in the prior year period.

At the end of the quarter, China Agri-Business had 400 direct sales stores controlled and managed directly by the company, and approximately 100 super chain branded stores. The majority of these stores were located in the Shaanxi Province, although some were located in the Hunan and Sichuan Provinces.

Mr. Liping Deng, Chief Executive Officer, President, and Director of China Agri-Business, Inc., commented, “We succeeded in establishing our own sales channel, which helped us to promote our products and to increase our sales. To continue this great growth momentum, we will next focus on strengthening and consolidating our direct and branded sales stores, further improving the management of those stores while continuing to expand the areas reached by our direct sales stores and to expand our sales networks to other provinces in China.”

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