BEIJING, Nov. 5 /PRNewswire-FirstCall/ - Good Life China Corporation www.goodlifechina.com (GLCC) after the markets closed today, is pleased to provide highlights in regards to its financial performance and general operations.
As of October, YTD financial performance has been segregated by major profit centers of the company.
Member Information Service: This represents fees paid by member organizations on the retail and supply side to use Good Life's e-commerce enabled retail platform. These revenues consist of an upfront membership fee, and ongoing monthly charges for continued access to Good Life's advanced retail distribution, logistics and retail POS systems. October revenue was $0.86 million RMB ($126,000 USD), with total YTD revenue of $6.7 million RMB ($981,000 USD).
Distribution Services: This includes logistics and shipping services, which are generally charged as a percentage of wholesale value of goods shipped through Good Life's retail distribution pipeline. Gross Revenue for the month of October was RMB $32 million yuan ($4.7 million USD), with YTD revenue of RMB $0.36 billion yuan ($52.7 million USD). Income from distribution services reached RMB 1.45 million yuan, with YTD results of RMB 17.84 million yuan ($2.6 million USD).
Net Company profit for the month was RMB 922,800 yuan ($135,000 USD), which brings the total YTD performance to RMB 9,824,400 yuan, or just over $1.4 million USD.
Good Life China CEO, Dongmei Jia, advised; "We continue to add new members on both the retail and supply side of the equation. We added an additional 73 retail outlets to our membership service, and more importantly, 32 new suppliers, bringing the total number of suppliers to roughly 650. With our new business model, we anticipate that up to 70% of our revenue may be generated from the supply side. Out finance and IT departments are working diligently on more upgrades to our retail platform and back end reporting systems. By the end of this quarter, we anticipate being in a position to do more sophisticated analysis on our financial performance and track additional metrics in terms of business performance".
Madam Jia adds; "With a net income anticipated to be in the territory of just under $2 million USD, we are a bit mystified why financial markets have our market capitalization at under $3 million. This isn't even a multiple of two times net earning. If the Company trades at a relatively low multiple of fifteen times earning, we would expect a market cap of over $25 million, nearly a tenfold increase in the value of our shares versus current trading levels. We are looking at options available to us to unlock much of this hidden value, to the benefit of our long-term shareholders".
Contact: Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: Certain information contained in this release contains forward-looking statements that involve risk and uncertainties, including but not limited to, those relating to development and expansion activities, domestic and global conditions, and market competition.
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