Kirin International Holding Inc (OTCMKTS:KIRI) announced its earnings for 1Q2015, along with a business update for the investors. The company focuses on real estate development for both commercial and residential purposes. Kirin’s main market is composed of middle class customers in tier-three cities of China. The company has a number of projects in its pipeline, which are planned to continue for the next five years and it has already completed many others.
For its 1Q2015, Kirin International, reported $22 million in revenues, which was a whopping 197.3% higher than for the same period in the previous year. The company is currently working on two major projects, which it expects would be sufficient to generate revenues for the rest of the year. Gross profit, however, saw a meager rise of $0.7 million to reach $2.3 million. The profits registered just a 37.4% increase when compared to the same quarter previous year.
The gross profit margin stood at 10.3%, compared to 22.2% for the same period in the preceding year. The registered rise was small, despite the net loss registering a decline of $0.7 million for the same period, to reach $1.5 million. Investor interest, however, had remained quite dull in KIRI, but the filing of the financial report changed that very quickly. KIRI has had a slow movement on the OTCMKTS for the 1Q2015. This is despite that fact that KIRI is in excellent financial health and has a number of projects that can propel it upwards.
Apart from providing construction services, Kirin also provides its customers with property management, security and gardening services. Although Kirin is based in the US, it mainly focuses on growing cities in China, like Xingtai, where the GDP has been growing quickly within a short time. The main plus for Kirin is its professional and well experienced management team, which is the reason for Kirin being so profitable.
Kirin International Holding Inc (OTCMKTS:KIRI) gained 9.03% in yesterday’s session, after trading 20.60 million shares, to close at $1.69.