Revenue and Profit for Sancon Resources (OTC:SRRY)

Oxford, MS 4/8/2011 (Penny PayDay) -- Sancon Resources Recovery, Inc. (OTC:SRRY), an environmental services and waste recycling company with its main operations located in China, today announced, in a press release, results for the fourth quarter and fiscal year ended December 31, 2010. As I write, shares of Sancon Resources were up 6 percent at $0.20 per share on light volume of 10,800 shares. The company has a market cap of $4.6 million.

-- Revenue in 2010 fourth quarter was $3.55 million, an increase of 25%
compared to $2.85 million for the fourth quarter of 2009.

-- EBITDA in 2010 fourth quarter was $0.37 million, a decreased of 30%
compared to $0.53 million in 2009 fourth quarter.

-- Net income was $0.25 million for the fourth quarter 2010, or $0.01 per
share, compared to $0.48 million, or $0.02 per share for the fourth
quarter 2009. The decrease mainly due to the losses incurred by our
Australia subsidiary.

-- Revenue in 2010 grew 19% to $13 million from $11 million in 2009 due to
the growth in our China operation. Revenue in 2008 was $10.57 million.

-- EBITDA decreased from $2.32 Million in 2009 to $2.22 million in 2010.

-- Net income in 2010 was $1.9 million, or $0.08 per share, compared to
$2.09 million, or $0.09 per share in the year ago period. Our Australia
subsidiary had net loss of $0.17 million in 2010 compare to net income
of $15,000 in 2009, which contributed the decrease in overall net
income for the year 2010.

Cash and cash equivalents totaled to $6 million as of December 31, 2010, primarily due to the increased revenue and cash flow.

"We are very pleased to see the continued increase in revenue and gross profit in 2010. Our net income has been affected by the poor performance in our Australia operation. Our management is considering various options for the Australian operation including closure of the Australia subsidiary or a complete divestment. In 2011 we would like to concentrate our resources in growing the Chinese Market," said Jack Chen, Sancon's Chief Executive Officer. "In 2011, through acquisitions, we will corporate with Chinese Government and expand waste recycling business around China. We also will pay more attention on electronic waste recycling area which we believe will be one of the most promising industries in China going forward."

For more information please go to www.sanconinc.com.

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