Mr. George Lunick reports
Pearl River Holdings Ltd. has released its financial results for the nine months ended Sept. 30, 2014.
The company changed the reporting currency on the financial statements to the Chinese renminbi in the year 2013.
"The reporting currency change better reflects the financial results of the company and minimizes the effect of currency fluctuation," says chief executive officer George Lunick.
Revenue for the nine months ended Sept. 30, 2014, was 191,874,683 renminbi, up 8.7 per cent from the comparative prior period, with earnings before income tax and minority interest of 7,615,202 renminbi, an increase of 43.7 per cent from 5,301,188 renminbi in the comparative prior period.
Gross profit for the year was 21.3 per cent compared with 20 per cent in the prior nine months. Expenses for the year were 16.3 per cent, down from 17.1 per cent in the comparative prior period.
The attached table provides highlights for the year with prior-year comparisons.
FINANCIAL HIGHLIGHTS
Nine months Nine months Nine months
ended ended ended
Sept. 30, 2014 Sept. 30, 2014 Sept. 30, 2013
(in Canadian (in Chinese (in Chinese
dollars) renminbi) renminbi)
Revenue $34,886,306 $191,874,683 $176,454,279
Gross profit 7,058,733 38,823,033 35,539,409
Net income before income tax and minority interest 1,384,582 7,615,202 5,301,188
Mr. Lunick said, "We are enthused about the increase in profitability this year, and continute to push for further new revenues and additional profitability."
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