NEW YORK, Aug. 17 (Xinhua) -- The share price of Chinese real estate developer Xinyuan Real Estate Co., Ltd. (Xinyuan) gained over 4 percent on Friday on its firm operating results in the second quarter ending June 30.
Xinyuan on Friday reported 19.8 million U.S. dollars of net income in the second quarter in comparison with 9.3 million dollars of losses in the same period of 2018 and 18.2 million dollars of net income in the first quarter of 2019.
Gross profits and total revenues of Xinyuan in Q2 stood at 159.2 million dollars and 609.4 million dollars, surging 45.5 percent and 71.3 percent year on year, respectively.
The selling, general and administrative expenses as a percentage of total revenues fell to 10.3 percent in Q2, from 13.2 percent in Q2 of 2018 and 12 percent in Q1 of 2019.
Xinyuan reported 0.19 dollar of diluted earnings per American Depositary Share (ADS) attributable to shareholders in Q2 in comparison with 0.1 dollar in the same period of 2018 and 0.33 dollar in Q1 of 2019.
The overseas projects of Xinyuan continued to proceed as planned and presales of its Manhattan project are expected to be started at the end of 2019, according to Yong Zhang, chairman of Xinyuan.
The focus on high-quality projects in tier-one and tier-two cities as well as strong execution capacities would further solidify Xinyuan's leading position in the market and deliver sustainable long-term growth, said Zhang.
Xinyuan expects to realize around 10 percent growth in contract sales and 15 percent to 20 percent expansion of net income for the full year of 2019.
Now, Xinyuan is developing multiple residential and commercial projects in the United States and Britain.
By the end of June, Xinyuan had sold 177 units out of 216 ones from its Oosten project in Brooklyn of New York, with the "BLOOM ON FORTY FIFTH" project in Manhattan under way and another ground-up project in Flushing area pending governmental approval, according to the latest release by Xinyuan.
The stock price of Xinyuan closed at 4.02 U.S. dollars per share on Friday, up 4.15 percent from the previous session.
