09:10:53 EDT Thu 28 Mar 2024
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or Name
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Pearl River Holdings Ltd
Symbol PRH
Shares Issued 27,309,927
Close 2014-10-28 C$ 0.155
Market Cap C$ 4,233,039
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Pearl River talks EBIT, omits Q3 P&L from NR

2014-11-28 14:00 ET - News Release

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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