Xinyuan Real Estate (XIN) Reports Q2 Loss of $0.49 on Revenues of $284.4M

Xinyuan Real Estate (NYSE: XIN) reported Q2 EPS of ($0.49), versus ($0.73) reported last year. Revenue for the quarter came in at $284.4 million, versus $125.8 million reported last year.

Second Quarter 2020 Highlights

• Total revenue in the second quarter of 2020 increased 126.1% to US$284.4 million from US$125.8 million in the first quarter of 2020.
• Net loss in the second quarter of 2020 decreased 23.0% to US$30.1 million from net loss of US$39.1 million in the first quarter of 2020.
• Diluted net loss per ADS attributable to shareholders in the second quarter of 2020 decreased 33.3% to US$0.49 from diluted net loss of US$0.73 in the first quarter of 2020.

Mr. Yong Zhang, Xinyuan's Chairman, stated, "Though the COVID-19 effect still last in Q2 2020, we further strengthened the marketing efforts, with total contract sales of the first half reaching around US$1.18 billion. With certain major projects launched in Q3, we are now holding a more optimistic view toward the full year sales result."

Mr. Zhang continued: "In this quarter, we also have further optimized debt structure and controlled capital expenditure. Our total debt decreased to US$3.0 billion as of June 30, 2020, US$0.6 billion lower year on year. Short term debt was US$1.2 billion, 41% of total debt. Compared with Q1, we have reduced our short-term debt by US$197 million, and total debt by US$32 million. In June and July 2020, we issued RMB160 million and RMB354.5 million of senior notes, respectively, which are now traded on the Singapore Exchange. In July 2020, our HK-listed property management subsidiary completed a follow-on offering, receiving about HK$127.2 million of net proceeds. These successful capital raises bring the additional resources needed to drive our growth strategy and to build a diverse and dynamic real estate ecosystem."

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

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