Xinyuan Real Estate Q3 Profit Soars; Reaffirms FY View - Quick Facts

(RTTNews) - Xinyuan Real Estate Co., Ltd. (XIN), a residential real estate developer, said its third quarter net income soared to $22.7 million from $3.2 million in the previous year.

Net earnings per American Depositary Share or ADS attributable to shareholders were $0.31, up compared with $0.04 per ADS in the prior-year quarter.

Quarterly total revenue surged 88.9% to $309.0 million from $163.6 million prior year, while contract sales climbed 84.7% to $309.7 million from $167.7 million a year ago

For the full year 2015, the company reiterates its expectation of full year contract sales and net income growth of approximately 30% compared to 2014.

"Looking ahead, we remain committed to delivering value to our shareholders. We intend to continue to pay quarterly cash dividends the remainder of this year and execute our share repurchase program as appropriate based on valuation," said, Yong Zhang, Xinyuan's Chairman.