Sino Assurance reports 160% jump in second quarter revenues
Sino Assurance Inc.(OTC: SNAS), a provider of credit gaurantees in China, posted a net income of $970,363, or $0.02 per diluted share, for the second quarter ended June 30, 2010.
For the same period in 2009, Sino Assurance posted net income of $168,443, or $0.002807 per diluted share. Increased business volume from Sino Assurance`s commercial and personal segments both contributed to the increase in the bottom line.
Total revenues in second quarter of 2010 increased 160% to $2,415,032 from $928,447 in second quarter of 2009.
Compared to second quarter of 2009, Sino Assurance`s performance
gaurantee service revenues in second quarter of 2010 grew 268%,
contributing the largest share to revenue growth.
Management believes that Sino Assurance will produce $0.08 to
$0.09 earnings per share, with expected revenues of $14 to $15 million.
They also believe that revenue growth and earnings will depend on the
demand for credit guaruntees, regulatory requirements of the credit
guaranty market, and Sino Assurance`s product and service offerings.
Sino Assurance`s share price is unchanged at $0.350.
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