China HGS Real Estate Q2 Profit Down - Quick Facts

(RTTNews) - China HGS Real Estate Inc. (HGSH), regional real estate developer headquartered in Hanzhong City, Shaanxi Province, China, reported that its net income for the second quarter of fiscal 2015 totaled approximately $9.3 million, a decrease of approximately $4.2 million from the net income of approximately $13.4 million in the same period of last year. The decreased net income in the quarter compared to the same quarter of last year was primarily due to less contracted sales achieved in the latest-quarter.

Net earnings per share for the second quarter of fiscal 2015 were $0.21, down 31% from $0.30 for the same quarter of last year.

Total revenues for the second quarter of fiscal 2015 were approximately $23.6 million, a decrease of 53% from approximately $49.9 million in the same quarter of fiscal 2014.

Total revenues recognized from percentage of completion method were approximately $20.9 million, which accounted for 88.6% of total revenues in the second quarter of fiscal 2015. The year-over-year decrease of revenue was primarily due to limited inventory on completed projects.