Dragon Capital Group Corp. (OTCMKTS:DRGV) a holding entity of emerging high-tech firms in China, released its financial results for the fiscal ended December 31, 2014. For FY2014, the total revenues came at $20.5 million compared to $19.8 million in fiscal 2013. The gross margins expanded from 5.4% in fiscal 2013. The Income from continuing operations came at $839,881 against $303,001 recorded in FY2013.
The growth in income was primarily attributable to increase in general sales revenue. The net income attributable to company in FY2014 was $500,507 comparable to $58,485 in FY2013. In 2014 Dragon Capital’s income from operations came at $0.00 per diluted share compared to earnings of $0.00 per diluted share recorded in 2013.
At end of FY2014, total assets stood at $10.3 million while shareholder equity came at $8.8 million. The number of outstanding shares as of December 31, 2014 was 986 million common shares. The working capital came at $8.7 million compared to $8.1 million a year earlier. At the end of FY2013, total assets were $9.8 million while shareholder equity stood at $7.5 million with outstanding shares count of 492.7 million.
The management speaks
Speaking on results for FY2014, Mr. Lawrence Wang, the CEO and Chairman of Dragon Capital Group Corp. (OTCMKTS:DRGV), said that they are delighted to record the continuous improvement in revenue in FY2014 compared to FY2013. The company continues to take substantial measures to achieve sales of higher margin utility while keeping a check on automation software and services at company’s Shanghai Yazheng subsidiary. The efforts have led to a small and steady expansion in gross margins in the quarter as Dragon Capital maintains cost of sales.
In last trading session, the stock price of DRGV declined more than 21% to close the trading session at $0.0100. The decline came at a share volume of 10.74 million compared to average share volume of 5.84 million.