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Xinyuan Real Estate Co., Ltd. (NYSE:XIN) has released its second quarter earnings report on Friday. Separately, the company has also declared a cash dividend for the second quarter.

Q2 Financial Highlights, FY 2016 Guidance

The company reported a 60% sequential rise and 36.90% year-over-year jump in revenue to $376.60 million from $235.40 million and $275.10 million, respectively.

For the period, the contract sales of Xinyuan Real Estate amounted to $474.40 million, which is up sequentially and year-over-year from $279.60 million and $332.30 million, respectively.

Furthermore, Xinyuan Real Estate had $77.30 million in gross profit, which is up sequentially and year-over-year from $48.90 million and $60.90 million, respectively.

The company had a net income of $27.80 million, which is up sequentially and year-over-year from $6.90 million and $20.20 million, respectively.

On the other hand, Selling, General, and Administrative (SG&A) expenses amounted to $41 million, which is up sequentially and year-over-year from $31.50 million and $35.80 million, respectively.

Xinyuan Real Estate ended the second quarter with cash and cash equivalents of $899 million, which is sequentially down from about $1.03 billion; and outstanding debt of $1.98 billion, which is sequentially down from about $2.15 billion.

The company has increased its financial guidance for the fiscal year (FY) 2016 following the encouraging second quarter results. For the FY 2016, Xinyuan Real Estate projects year-over-year growths in net income and contract sales of about 50% and 30%, respectively.

Quarterly Dividend

Xinyuan Real Estate has declared a quarterly dividend of $0.05 per common share. Shareholders of record on August 25 will receive their respective quarterly dividends on September 8.

NY Land Acquisition

Recently, Xinyuan Real Estate XIN Development Group International, Inc. has acquired a land in Flushing, Queens, New York (NY) under a $66-million transaction.

Development plans for the property includes nearly 279 modern condominium residences, car-parking garage, retail space, and a courtyard. Accordingly, the development site is strategically ideal since there is a lack of higher-end residential units within the area.

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Steve Kanaval: Portfolio Manager/Writer/ Market Analyst Steve began his career in the Trading Pits in Chicago making markets at the Chicago Mercantile Exchange (NYSE:CME) the Chicago Board of Trade and the CBOE in the early 80’s. He ran the Morgan Stanley Derivative Prop Trading for the firm specializing in Index Arbitrage. He continued his career as a Trader/Portfolio Manager for multiple Hedge Funds during the Internet Boom of the 90’s managing large portfolios. Steve is known as an expert in MicroCap Technology Stocks and the emerging Digital Currency markets as a Portfolio Manager for his Family Office. Steve has managed portfolio’s in volatile asset classes for 3 decades as a commodity trader, hedge fund manager and digital currency trader and miner. Steve publishes his views on the asset classes in a public forum and has published more than 10,000 articles simplifying these complex and volatile assets for readers. His work is published on multiple sites including Bloomberg, Equities.com, Hacked.com, CryptoCurrencyNews as a paid contributor. His work includes research, journalism and archived video on important market volatility related to stocks, digital currency and other volatile misunderstood asset classes. He offers a humorous, unique insight and the related back stories and drivers for readers interested in volatility and emerging market assets. Full disclosure Steve is long 25 digital currencies and sits on the board of multiple public companies involved in digital currencies, and owns shares in these companies from time to time.