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Xinyuan Real Estate (XIN) Reports Q1 Loss of $0.16

May 30, 2018 6:54 AM EDT

Xinyuan Real Estate (NYSE: XIN) reported Q1 EPS of ($0.16). Revenue for the quarter came in at $174.1 million, versus $0 reported last year.

First Quarter 2018 Highlights

  • Under ASC 606, the Company expects to recognize revenue for all contracts executed starting from January 1, 2018, on an \"over time\" basis using costs incurred, an input measure.
  • First quarter results reflect the adoption of ASC 606 and may not be directly comparable to prior periods.
  • The adoption of ASC 606 reduced first quarter reported revenues and net income by US$341.4 million and US$32.8 million, respectively.
  • Contract sales increased 24.7% to US$380.7 million from US$305.4 million in the first quarter of 2017 and decreased 53.8% from US$823.3 million in the fourth quarter of 2017.
  • Total revenue decreased 38.0% to US$174.1 million from US$280.7 million in the first quarter of 2017 and decreased 76.0% from US$725.7 million in the fourth quarter of 2017.
  • Gross profit decreased 38.2% to US$38.7 million, or 22.2% of total revenue, from US$62.6 million, or 22.3% of total revenue, in the first quarter of 2017 and decreased 78.5% from US$180.3 million, or 24.8% of total revenue, in the fourth quarter of 2017.
  • Selling, General and Administrative (\"SG&A\") expenses as a percentage of total revenue increased to 22.9% from 12.6% in the first quarter of 2017 and increased from 10.8% in the fourth quarter of 2017.
  • Net loss was US$12.7 million compared to net income of US$7.4 million in the first quarter of 2017 and net income of US$35.4 million in the fourth quarter of 2017.
  • Diluted net loss per American Depositary Share (\"ADS\") attributable to shareholders were US$0.16 compared to diluted net earnings per American Depositary Share(\"ADS\") US$0.11 in the first quarter of 2017 and US$0.50 in the fourth quarter of 2017.

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



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