TSX Venture Exchange
Symbol "PRH"
LONDON, ON, Sept. 15, 2014 /CNW/ - Mr. George Lunick CEO of
Pearl River Holdings Ltd. ("Pearl River") reports on its financial
results for the 6 months ended June 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 6 months ended June 30,
2014 was $123,451,450 RMB up
10.2% from the comparative prior period with earnings before income
tax and minority interest of $3,778,215 RMB an increase of 37.4% from
$2,749,733 in the comparative prior
period.
Gross profit for the year was 19.9% compared to 19 % in the
prior 6 months. Expenses for the year were 16.8% up from 16.6
% in the comparative prior period.
The following table provides highlights for the year with prior
year comparisons.
|
Financial
Highlights
|
|
|
|
|
|
Operational
|
6
Months
|
6
Months
|
6
Months
|
|
ended
|
ended
|
ended
|
|
June 30,
2014
|
June 30,
2014
|
June 30,
2013
|
|
CDN
|
RMB
|
RMB
|
|
1. Revenue
|
21,883,252
|
123,451,450
|
112,051,237
|
|
2. Gross
Profit
|
4,345,358
|
24,536,182
|
21,302,760
|
|
3. Net Income
before
|
|
|
|
|
Income Tax
and
|
|
|
|
|
Minority
Interest
|
669,122
|
3,778,215
|
2,749,733
|
|
|
|
|
|
Key Balance sheet
items per share are as follows:
|
|
|
|
|
|
CDN
|
RMB
|
RMB
|
|
4. Cash and cash
|
|
|
|
|
equivalents per
share
|
0.056
|
0.324
|
0.349
|
|
5. Equity
attributable
|
|
|
|
|
to common
shareholders
|
|
|
|
|
per
share
|
0.305
|
1.770
|
1.736
|
Mr. Lunick said "we look forward to another year building on the
momentum of the prior year's production and sales effort
changes".
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