Tiens Biotech (TGBU), a developer, mfr and distributor of healthcare products in China, yesterday announced resuts which on the surface seem impressive:
Reports Consolidated Net Income Increased by 754.4% for 2003
The company reported that its consolidated net income increased by $15,057,957, or approximately 754.4%, from $1,995,865 for the year ended December 31, 2002 to $17,053,822 for the year ended December 31, 2003.
As of December 31, 2003, the company had $20,453,290 of retained earnings, cash of $12,725,043 and total shareholders' equity of $33,086,192. For the year ended December 31, 2003, it had revenues of $38,392,208 and general, administrative and sales expenses of $3,171,338.
Shares dipped on the results.
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