Xinyuan Real Estate Co. (XIN) Reports Q1 EPS of $0.12

Xinyuan Real Estate Co. (NYSE: XIN) reported Q1 EPS of $0.12, versus $0.37 reported last year. Revenue for the quarter came in at $226.4 million, versus $169.4 million reported last year.

Mr. Yong Zhang, Xinyuan's Chairman said, "We experienced another strong quarter of sales exceeding our contract sales and revenue forecast as market conditions were generally stable in the cities in which we conduct operations. Of our five main projects this quarter, the majority experienced increases in average selling prices and our two main projects this quarter that experienced an ASP decrease were due to product mix. Importantly, we did not reduce prices at our available units in the first quarter. We also commenced pre-sales of one new project Beijing Xindo Park and acquired three new land parcels during the first quarter, along with one additional land acquisition in Shanghai in April."

"As we look to the remaining quarters of the year, we expect our project activity will expand. Three new projects in China are scheduled to launch pre-sales in the second quarter, and we expect greater levels of year-over-year growth in the second quarter and the second half of the year. Our New York Oosten project in Williamsburg is expected to start pre-sales in late May. We remain committed to investing in our business for future development and growth," concluded Mr. Zhang.

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

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