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Guangzhou Global Telecom revenues increase 83%

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2008-08-26 04:56:39     
Stockhouse Inc.

Guangzhou Global Telecom Inc. (OTC Bulletin Board: GZGT), a mobile phone handset, pre-paid calling card distributor and provider of value-added mobile services in the PRC, reported $8,745,541 in 2nd Quarter revenues as compared to $4,789,850 during the same period ended in 2007, representing an increase of $3,955,691 or 83%.

Operating profit of $594,367 was recorded during the three months ended March 31, 2008, as compared to a gain of $42,143 during the same period in 2007. The steep increase was the result of improved revenues, gross margins, management policies and programmers put in place.

The company is looking for growth for the remainder of 2008. The company is seeking to enlarge its customer base and network by serving and participating in the growing affluence of the middle class in China. For the first six months of 2008 Guangzhou added more than 45 million mobile subscribers, based on government data. Overall growth of the Chinese economy should continue to fuel expansion at Guangzhou.
Guangzhou Global Telecom, Inc. is a national mobile phone handset and pre- paid calling card distributor and provider of mobile handset value-added services. Maintaining cooperative relationships with China Telecom, China Mobile and China Unicom, the Company seeks to become the largest sales and distribution center of mobile phones, mobile phone parts and prepaid mobile phone cards in China.

As of the time of this report shares of GZGT were up over 66% with a trading volume of over 244 thousand shares.

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