Xinyuan Real Estate (XIN) Reports Q4 EPS of $0.62 on Revenues of $906.7M

Xinyuan Real Estate (NYSE: XIN) reported Q4 EPS of $0.62, versus $1.13 reported last year. Revenue for the quarter came in at $906.7 million, versus $1.09 billion reported last year.

Fourth Quarter 2019 Highlights

• Total revenue was US$906.7 million in the fourth quarter of 2019 compared to US$1,092.2 million in the fourth quarter of 2018 and US$497.6 million in the third quarter of 2019.
• Net income was US$39.6 million in the fourth quarter of 2019 compared to US$104.1 million in the fourth quarter of 2018 and US$5.4 million in the third quarter of 2019.
• Diluted net earnings per ADS attributable to shareholders were US$0.62 in the fourth quarter of 2019 compared to US$1.13 in the fourth quarter of 2018 and US$0.07 in the third quarter of 2019.

Mr. Yong Zhang, Xinyuan's Chairman, stated, "Industry conditions remained challenging during the fourth quarter, but solid execution of our strategy enabled us to sustain an attractive level of profitability. Our growth strategy is sound. We build attractive homes for our customers by more tightly integrating real estate and technology. We believe our innovative business model and ability to execute will further differentiate us in the market and enable robust growth going forward."

Mr. Zhang continued, "On October 11, 2019, our property management service subsidiary has been listed on the main board of HKEX, which we anticipate will contribute to strengthen our core real estate business. For the year 2019, Xinyuan was again ranked in the Top 100 Chinese Real Estate Developers, an important benchmark for evaluating our operating strength and industry status. We are proud to have achieved this ranking for 15 consecutive years. Furthermore, we were also recently honored with the designation as a 'Top 5 Innovative Chinese Real Estate Developers'. That designation reflects our continual effort to improve our operations and further solidifies our position as one of the leading real estate developers in China.

"We started 2020 in a challenging environment due to the COVID-19 outbreak, which has adversely affected our first quarter sales. The most immediate impact was the closure of sales and construction sites. At the moment, China has contained the spread of the virus, and by the end of March 2020, all of our construction and sales sites have re-opened, except our Wuhan project, and we are striving to resume full operations."

Mr. Zhang concluded, "Although our business is experiencing short-term turbulence due to the virus outbreak, we are confident that consumer demand will rebound as the virus has been contained in China. We are optimistic about the long-term strength of the Chinese economy and the growth potential of China's real estate industry."

For earnings history and earnings-related data on Xinyuan Real Estate (XIN) click here.

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