China HGS
Real Estate, a leading regional real estate developer headquartered in Hanzhong
City, Shaanxi Province, China, today reported its financial results for the
third quarter of fiscal 2014 ended June 30, 2014.
Highlights
for the Quarter
• Total revenues for the third quarter
of fiscal 2014 were approximately $28.9 million, an increase of 302% from
approximately $7.2 million in the same quarter of fiscal 2013. Total revenues
recognized from percentage of completion method were approximately $24.2 million,
which accounted for 84% of total revenues in the third quarter of fiscal 2014.
• Net income for the third quarter of
fiscal 2014 totaled approximately $8.2 million, an increase of approximately
$5.9 million from the net income of approximately $2.3 million in the same
period of last year. The increased net income in this quarter compared to the
same quarter of last year was primarily due to the significantly increased
revenue.
• Basic and diluted net earnings per
share (“EPS”) attributable to shareholders for the third quarter of fiscal 2014
were $0.18, increased by 260% from $0.05 for the same quarter last year.
“We
continued to deliver satisfactory results this quarter as compared to the same
period of last year,” said Mr. Xiaojun Zhu, Chairman and Chief Executive
Officer of China HGS. “The overall real estate market in China remains soft,
however, it is generally stable in the Tier 3 and Tier 4 cities. We are also
pleased to experience some increase in our average selling prices (“ASP”)
compared to the third quarter of last year. We believe that the demand for real
estate in Tier 3 and Tier 4 cities and counties in China remained solid as the
government policy such as the reform of “Hu-Kou” policy will continue to drive
migrants to favor Tier 3 and Tier 4 cities and counties. We remain focused on
providing quality housing with affordable pricing for growing new urban
residents in these regions,” concluded Mr. Xiaojun Zhu.
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