Fri. Jan 24th, 2020

Xinyuan Real Estate Co., Ltd. Announces 3rd-Quarter 2k19 Fiscal Results

20 min read

Xinyuan Real Estate Co., Ltd. (“Xinyuan” or the “Company”) (NYSE: XIN), an NYSE-listed real estate developer and property manager operating primarily in China and in other countries, released its unaudited financial results for the 3rd-quarter finished September 30, 2k19.

Highlights

  • Total revenue inclined 40.00 percent to US$1,575.90M for the 9.0-months finished September 30, 2k19, from US$1,125.40M in a similar duration of the previous year. Total revenue declined 16.40 percent to US$497.60M in the 3rd-quarter of 2k19 from US$595.50M in the 3rd-quarter of 2k18 and declined 18.30 percent from US$609.40M in the 2nd-quarter of 2k19.
  • Gross profit inclined 39.20 percent to US$413.80M for the nine months finished September 30, 2k19, from US$297.30M in a similar duration of the previous year. Gross profit declined 17.20 percent to US$123.50M in the 3rd-quarter of 2k19 from US$149.20M in the 3rd-quarter of 2k18 and declined 22.40 percent from US$159.20M in the 2nd-quarter of 2k19.
  • Net income was US$43.50M for the 9.0-months finished September 30, 2k19, compared to US$1.80M in a similar duration of the previous year. Net income was US$5.40M in the 3rd-quarter of 2k19 compared to US$23.90M in the 3rd-quarter of 2k18 and US$19.80M in the 2nd-quarter of 2k19.
  • Contract sales declined 5.40 percent to US$1,479.30M for the 9.0-months finished September 30, 2k19, from US$1,563.80M in a similar duration of the previous year. Excluding the impact of change in the exchange rate between RMB and the USD, contract sales remained flat compared to the similar duration of the prior year in RMB. Contract sales declined 11.60 percent to US$504.80M in the 3rd-quarter of 2k19 from US$571.30M in the 3rd-quarter of 2k18 and declined 0.50 percent from US$507.40M in the 2nd-quarter of 2k19.
  • Diluted net earnings for each American Depositary Share (“ADS”) attributable to shareholders were US$0.600 for the 9.0-months finished September 30, 2k19, compared to US$0.040 in the similar duration of the previous year. Diluted net earnings for each ADS attributable to shareholders were US$0.070 in the 3rd-quarter of 2k19 compared to US$0.310 in the 3rd-quarter of 2k18 and US$0.190 in the 2nd-quarter of 2k19.
  • Current debt outstanding at the end of the 3rd-quarter of 2k19 declined 18.80 percent to US$1,009.60M, or 31.40 percent of total debt, from US$1,243.10M, or 34.60 percent of total debt, at the end of the 2nd-quarter of 2k19.

 

3rd-Quarter 2k19 Financial Results

Contract Sales

Contract sales in China totalled US$504.80M in the 3rd-quarter compared to US$571.30M in the 3rd-quarter of 2k18 and US$507.40M in the 2nd-quarter of 2k19.

The Company’s GFA sales in China were 255,600 square meters in the 3rd-quarter of 2k19 compared to 277,500 square meters in the 3rd-quarter of 2k18 and 233,200 square meters in the 2nd-quarter of 2k19.

The average selling price (“ASP”) for each square meter sold in China was RMB13,531.00 (US$1,975.00) in the 3rd-quarter of 2k19 compared to RMB13,406.00 (US$2,059.00) in the 3rd-quarter of 2k18 and RMB14,755.00 (US$2,176.00) in the 2nd-quarter of 2k19.

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