NEW YORK, Aug. 20, 2015 (GLOBE NEWSWIRE) -- Kirin International Holdings Inc., (OTCBB:KIRI) (the Company) a non-state-owned real estate development company focused on residential and commercial real estate development in "tier-three" cities in the People's Republic of China, today announced financial results for the six months and three months ended June 30, 2015.
- Total revenue was $58.4 million for the six months ended June 30, 2015, an increase of $10.8 million, or 22.5%, from $47.6 million for the same period of 2014. The Company's revenue stream has shifted from No.79 Courtyard Phase I and Kirin Bay Phase I, which were completed in late 2014, to No. 79 Courtyard (Phase II, Phase III and Phase IV) and Kirin Bay (Phase II, Phase III and Phase IV), which are expected to generate the majority of Kirin International Holding's revenue in the upcoming 12 months.
- Gross profit was $9.6 million for the six months ended June 30, 2015, an increase of 1.8 million, or 22.5%, from $7.8 million for the same period of 2014. Gross margin ratio was 16.4% and 16.4% for the six months ended June 30, 2015 and 2014.
- Kirin International Holding's net income for the six months ended June 30, 2015 was $2.9 million, an increase of $4.5 million, from net loss of $1.6 million for the six months ended June 30, 2014. Net income increased due to the gross profit increased of $1.8 million. Other income increased by $3.8 million and operating and administrative expense decreased by $1.5 million and income tax expense increased by $2.5 million for the six months ended June 30, 2015 as compared to the same period of 2014.
- The Company's revenue for the three months ended June 30, 2015 was $36.3 million compared to $40.2 million for the same period of 2014. Gross margin ratio was 20.2% compared to 15.4% for the three months of 2015 and 2014 respectively. Net income for the three months ended June 30, 2015 was $4.4 million, an increase of $3.7 million, from net income of $0.7 million for the three months ended June 30, 2014. Net income increased due to the gross profit increase by $1.1 million. Other income increased by $2.5 million, operating and administrative expense decreased by $0.4 million, and income tax expense increased by $0.3 million as compared to the same period of 2014.
Jianfeng Guo, Chief Executive Officer, Director and President of Kirin International Holdings Inc., said, "We are very pleased with the overall financial condition of the Company and the successful rollout of Kirin International Holding's strategic plans. We continue to monitor all aspects of our business to achieve the best operating efficiencies and continue to expect to generate net income of $10 million for all of 2015."
ABOUT KIRIN INTERNATIONAL HOLDING, INC.
Kirin is a Nevada corporation that operates through its wholly-owned subsidiary, Kirin China, a non-state-owned real estate development company focused on residential and commercial real estate development in "tier-three" cities in the People's Republic of China ("PRC"). Tier-three cities are provincial capital cities with ordinary economic development and prefecture cities with relatively strong economic development. Kirin China's projects are currently concentrated in Hebei Province of the PRC, primarily in the city of Xingtai, and nearby regions. Hebei Province is located in the North Region of the PRC. Kirin China intends to also focus on the Bohai Sea Surrounding Area, which comprises Beijing, Tianjin, Hebei Province, Liaoning Province and Shandong Province
FORWARD-LOOKING STATEMENTS
This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, which contain words such as "expect," "intend, "believe," or "plan," by their nature address matters that are, to different degrees, uncertain. These uncertainties may cause actual future events to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.