TSX Venture Exchange
Symbol "PRH"
LONDON, ON, Nov. 28, 2014 /CNW/ - Mr. George Lunick CEO of
Pearl River Holdings Ltd. ("Pearl River") reports on its financial
results for the 9 months ended September 30,
2014.
The company changed the reporting currency on the financial
statements to the Chinese Renminbi ("RMB") 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 9 months ended September
30, 2014 was $191,874,683 RMB
up 8.7% from the comparative prior period with earnings before
income tax and minority interest of $7,615,202 RMB an increase of 43.7% from
$5,301,188 in the comparative prior
period.
Gross profit for the year was 21.3% compared to 20 % in the
prior 9 months. Expenses for the year were 16.3% down from
17.1 % in the comparative prior period.
The following table provides highlights for the year with prior
year comparisons.
|
Financial
Highlights
|
|
|
|
|
|
Operational
|
9
Months
|
9
Months
|
9
Months
|
|
ended
|
ended
|
ended
|
|
Sept. 30,
2014
|
Sept. 30,
2014
|
Sept. 30,
2013
|
|
CDN
|
RMB
|
RMB
|
|
1. Revenue
|
34,886,306
|
191,874,683
|
176,454,279
|
|
2. Gross
Profit
|
7,058,733
|
38,823,033
|
35,539,409
|
|
3. Net Income
before
Income Tax
and
Minority
Interest
|
1,384,582
|
7,615,202
|
5,301,188
|
|
|
|
|
|
Key Balance sheet
items per share are as follows:
|
|
|
|
|
|
|
CDN
|
RMB
|
RMB
|
|
4. Cash and cash
equivalents per
share
|
0.062
|
0.34
|
0.349
|
|
5. Equity
attributable
to common
shareholders
per
share
|
0.324
|
1.78
|
1.736
|
|
|
|
|
Mr. Lunick said "we are enthused about the increase in
profitability this year and continute to push for further new
revenues and additional profitability".
About Pearl River
Pearl River Holding, through its subsidiary, the principal
business is the manufacturing and distribution of plastic products
in China, Australia and the
United States of America.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Pearl River Holdings Limited