NEW YORK, May 27, 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, announced earnings for the three months ended March 31, 2015.
The Company focuses on middle-income customers in tier three cities and strives to offer affordable homes. Current projects are concentrated in Xingtai City, Hebei Province. Kirin International Holdings, has completed Ming Shi Hua Ting, Wancheng New World and Kirin County projects in Xingtai City. Current projects include Kirin Plaza, Kirin Bay and No.79 Courtyard, which collectively call for the development of more than 7,000 homes over the next five years in Xingtai City. The Company intends to expand into the Bohai Sea Surrounding Area, comprised of Beijing, Tianjin, Hebei Province, Liaoning Province and Shandong Province, and begin additional projects in the next three to five years.
Total revenue was $22.0 million for the three months ended March 31, 2015, an increase of $14.6 million, or 197.3%, from $7.4 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 our revenue in the upcoming 12 months.
Gross profit was $2.3 million for the three months ended March 31, 2015, an increase of $0.7 million, or 37.4%, from $1.6 million for the same period of 2014. The gross margin was 10.3% for the three months ended March 31, 2015, compared to the gross margin of 22.2% for the same period of 2014.
Net loss was $1.5 million for the three months ended March 31, 2015, a decrease of $0.7 million, or approximately 35.2%, from net loss of $2.2 million for the same period of last year.
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.