Green Planet Bioengineering Co., Ltd. (GPLB.OB), a high-tech bioengineering enterprise that engages in the research and development, production and sale of various extracts from the residue of tobacco leaves to be used in health and beauty products, recently announced stronger than expected 2008 year-end results with positive outlook for 2009. In 2008, the companyâ€™s revenue grew 29 percent to $10.4 million compared to $8.1 million for year-end 2007, and net income increased 25 percent to over $3.3 million versus $2.7 million for 2007.
As a leading bioengineering enterprise dedicated to creating high-quality chemical intermediates and innovative downstream health products that utilize green processes, Green Planet experienced positive and consistent growth patterns in 2008, especially in domestic sales distribution. The companyâ€™s EBITDA (earnings before interest, taxes, depreciation and amortization) reached $4.9 million for 2008 compared to $4.3 million for the same period 2007.
Min Zhao, chief executive officer of Green Planet, stated, â€œGreen Planet delivered a strong financial performance for 2008 with a 29 percent increase in sales and 25 percent increase in net income versus 2007. These results exceed our original projections for 2008 and are welcomed in the current difficult economic environment.â€ He continued, â€œWe have seen in 2008 improvements in most key financial parameters. We have also made, during the year, significant progress in research and development on many new products and improved existing ones. We expect continued progress this year.â€ Mr. Zhao concluded, â€œ2008 results positioned us well for 2009, a year in which many of our existing products will be enhanced, new products will be launched and our targeted acquisitions will be realized.â€