Kirin International Holding Inc (OTCMKTS:KIRI), a China-based real estate development company, amassed investors’ attention after reporting its earnings for the quarter ended on March 31, 2015. The company’s report indicates that its revenues for the three-month period ended on March 31, 2015 stood at $22 million, reflecting an increase of $24.6 million or 197.3%. The company’s revenues during the same period last year were at $7.4 million.
Overview of performance
In the next 12 months, Kirin International Holding Inc (OTCMKTS:KIRI) expected to generate majority of its revenues from No. 79 Courtyard (Phase II, Phase III and Phase IV) and Kirin Bay (Phase II, Phase III and Phase IV). The company’s profit during the quarter came in at $2.3 million, showing an increase of $0.7 million or 37.4% as against $1.6 million in 2014. The gross margin of the company stood at 10.3% as on March 31, 2015 as against 22.2% in the same quarter in 2014. The net loss of the company was reported at $1.5 million, showing a decrease of 35.2% or $0.7 million year-over-year.
Business update
Kirin International Holding Inc (OTCMKTS:KIRI) also gave an update on its business stating that its current projects are located in Xingtai City, Hebei Province. The company has a target of developing as many as 7,000 homes alone in Xingtai city over the next five years. Meanwhile, it aims to extend to the areas of Bohai Sea Surrounding Area, consisting of Tianjin, Beijing, Hebei Province, Shandong Province and Liaoning Province.
The recent earnings report by the company has been able to overcome the concerns attached with its previous report. In its last financial report, the company has reported revenue fall alongside an increased net loss and higher liabilities. However, the recent impressive numbers have helped the company to regain investors’ confidence. The stock of Kirin International Holding Inc (OTCMKTS:KIRI) surged by nearly 50% and closed the last trading session at $1.35. A total number of 49,000 shares were traded on the day.
