Vancouver-based China Education Resources Inc. (TSX-V:CHN) reported a boost in first quarter revenue and a halving of its net loss for the period ending March 31, 2010.
Revenue rose to $1.7 million compared to $11,472 in the first quarter of last year. Its quarterly net loss fell to $314,019 from $647,722.
Acquisition of a distributor of paper-based educational products, ZYCY, contributed to the company’s improved performance. The company said ZYCY’s business is expected to grow and provide a reliable cash flow so it can pursue online business opportunities which have a greater margin and growth potential.
The company signed an agreement with Gansu province in January to provide online teaching and research programs to 220,000 Kindergarten to Grade 12 teachers. The company has already trained 11,000 teachers, generating US$283,000 in revenue.
The company said it is in discussions with 11 provinces to provide province-wide teacher training programs with the goal to finalize several agreements this summer.
China Education Resources’ share price range during the past week: between $0.35 and $0.45; 52-week high: $0.70; 52-week low: $0.08.