HONG KONG, Aug. 26, 2014 (GLOBE NEWSWIRE) -- Great China Mania Holdings, Inc. (OTCBB:GMEC) (the "Company" or "GMEC") reported its financial results for the second quarter ended June 30, 2014: Comparing to the same period in 2013, the Company's revenues decreased from $613,389 to $531,820. Gross profit ratio increased from 31.8% to 36.7%, representing a 15.4% increase. Net income from continuing operations increased by $334,189 to a net profit of $30,617.
The remarkable improvement on the gross profit ratio and net income was due to the deployment of new business operations tactics The Company has focused its resources on reputable artists and makes higher profits from them. The aim of this tactic is to improve the efficiency and profitability of the Company's business through reputable artists, who are already well - known in the entertainment markets and are able to achieve higher revenues and profit margins, instead of new artists, who are to be developed. The decrease in revenues bases from new artists was fully compensated by higher profitability from well – known artists. This operating tactic also indirectly reduced the general and administrative expenses even though the Company's gross profit ratio and net income have been improved substantially.
To further enhance the gross profit ratio and net income from operations, GMEC will continue to focus its resources on artists with high marketability and will look for more reputable artists to join the Company.
"Looking forward to 2014 full year financial results, we anticipate our gross profit ratio will continue to improve and shall achieve a positive net income from operations," said Roy Kwong, GMEC's Chief Executive Officer.
Safe Harbor Statement
Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. These and other risks are described in our filings with the U.S. Securities and Exchange Commission as may be required by law.
CONTACT: Great China Mania Holdings, Inc. Tel: +852 2882 7026 Fax: +852 2882 7020 General Enquiries: Email Contact: firstname.lastname@example.org Investor Relations: Email Contact: email@example.comSource:Great China Mania Holding Inc