Xinyuan Real Estate Slips To Loss In Q1

(RTTNews) - Xinyuan Real Estate Co., Ltd. (XIN) reported that its net loss attributable  to shareholders for the first quarter of 2020 was US$39.52 million or US$0.73 per ADS compared to net income of US$19.61 million or US$0.33 per ADS for the first quarter of 2019.

Xinyuan's Chairman Yong Zhang said, "First quarter results were heavily affected by the COVID-19 outbreak. Project construction and pre-sales were delayed by the nationwide lock-down, which disrupted our supply chain."

Quarterly total revenue decreased 73.2% to US$125.8 million from US$468.9 million in the first quarter of 2019.

The company said it strives to achieve contract sales of 20 billion RMB to 22 billion RMB in 2020, with consolidated net income in the range of $60 million to $80 million.

However, the company believes that the COVID-19 outbreak is likely to have a material and extended adverse impact on its operational and financial results for full year 2020.