China Green Energy (OTC BB:CGRE)

Sunday, July 18, 2010


		Year ended December 31
		2009			2008

Net sales - Note 20	$	12,092,837		$	12,547,357
Cost of sales		(8,550,998	)		(10,445,356	)

Gross profit		3,541,839			2,102,001

Operating expenses
General and administrative expenses		902,136			911,912
Selling expenses		303,965			551,989

		1,206,101			1,463,901

Income from operations		2,335,738			638,100
Interest income		65,506			57,912
Other income - Note 14		88,980			87,527
Finance costs - Note 15		(331,785	)		(337,775	)

Income before income taxes		2,158,439			445,764
Income taxes - Note 16		(539,610	)		(111,441	)

Net income	$	1,618,829		$	334,323

Other comprehensive loss
Foreign currency translation adjustments		(2,784	)		(28,735	)

Total comprehensive income	$	1,616,045		$	305,588

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		Three Months ended March 31,
		2010			2009
Net sales - Note 18	$	5,161,498		$	2,400,196
Cost of sales		(3,670,214	)		(1,843,709	)

Gross profit		1,491,284			556,487

Operating expenses
General and administrative expenses		306,192			202,528
Selling expenses		173,641			66,987

		479,833			269,515

Income from operations		1,011,451			286,972
Interest income		49,255			13,410
Other income - Note 13		33,095			82,964
Finance costs - Note 14		(94,548	)		(103,478	)

Income before income taxes		999,253			279,868
Income taxes - Note 15		(240,579	)		(69,967	)

Net income	$	758,674		$	209,901

Other comprehensive income (loss)
Foreign currency translation adjustments		72			(289	)

Total comprehensive income	$	758,746		$	209,612