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China Properties Developments,
Inc. First Quarter Results for 2008
Thursday May 22 4:00 PM
China Properties Developments, Inc. (OTCBB:CPDV) through its
majority owned subsidiaries, is primarily engaged in the acquisition
and development of land holdings, and the development, sale, rental,
and management of mixed-use residential, commercial and office
properties in the City of Xi'an, the capital of Shaanxi Province in
the People's Republic of China, recently announced results for the
quarter ended March 31, 2008.
Revenues were $1,599,000 for the three months ended March 31, 2008
compared to revenues of $420,000 for the three months ended March
31, 2007. The revenues were due to sales of condominium units and
office space in the Yangming building which sales substantially
increased in the first quarter of 2008 compared to the prior year
period. Gross profit, defined as sales less cost of sales, was
$480,000 for the three months ended March 31, 2008 compared to gross
profit of $127,000 for the three months ended March 31, 2007. Cost
of sales consists of costs such as construction and labor costs.
Cost of sales were $1,119,000 for the three months ended March 31,
2008 compared to $294,000 for the three months ended March 31, 2007,
which change was primarily due to increased costs resulting from the
increase in sales of condominium units and office space in the three
months ended March 31, 2008. We achieved comprehensive income of
$116,000 for the three months ended March 31, 2008 compared to a
comprehensive loss of $98,000 for the three months ended March 31,
2007. The increase in comprehensive income for the three months
ended March 31, 2008 compared to the prior year period is primarily
due to an increase in revenues from the sale of building space
offset by an increase in expenses.
Ping'an Wu, Chairman, President and CEO of China Properties
Developments, Inc., said, "We are pleased to announce our financial
results for our 1st fiscal quarter in 2008. We look forward to
reaching new milestones next quarter and we are continuing to
leverage our position as a publicly traded company."
Steven Lou, CFO of China Properties Developments, Inc., said, "Our
1st quarter revenue and profit results continue to improve due to
sales of our condo and commercial units. We look forward to
additional sales as the Xi'an real estate market continues to be
strong, with demand for housing rising."
About The Company
China Properties Developments, Inc. owns 90.28% of its subsidiary,
Xi'an Jiahui Real Estate Co. Ltd. formed under the Company Law of
the People's Republic of China ("Jiahui"). Jiahui is a sino-foreign
joint venture company formed in 1996. China Properties Developments,
Inc. develops and manages high-end residential, commercial and
office real estate in the city of Xi'an, the capital of Shaanxi
Province in the People's Republic of China. One of China's most
ancient cities, Xi'an is a thriving cultural, historical and
intellectual center, whose population of more than 6 million. The
Company has completed development of the Jiahui Office Building and
Yangming International Tower. The Company recently entered into an
agreement to acquire Shaanxi Xinyuan Real Estate Co., developer of
the Yan-Ta Shopping Mall. The Company is currently developing the
Garden Villa and Bali Village projects. The total assets of the
Company are over US$25 million.
For more information go to www.chinapropertiesdevelopments.com.
This news release contains forward-looking statements as defined by
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. These statements are subject to
uncertainties and risks including, but not limited to, product and
service demand and acceptance, changes in technology, economic
conditions, the impact of competition and pricing, government
regulation, and other risks defined in this document and in
statements filed from time to time with the Securities and Exchange
Commission. All such forward-looking statements, whether written or
oral, and whether made by or on behalf of the companies, are
expressly qualified by the cautionary statements and any other
cautionary statements which may accompany the forward-looking
statements. In addition, the companies disclaim any obligation to
update any forward-looking statements to reflect events or
circumstances after the date hereof.
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