- Xinyuan Real Estate (NYSE:XIN) Q1 loss per ADS of 16 cents compared with net earnings per ADS of 11 cents a year ago. XIN -4.5% in premarket trading.
- First quarter results reflect the adoption of ASC 606 and may not be directly comparable to prior periods.
- Q1 total revenue $174.1M vs $280.7M Y/Y; contract sales rose 25% to $380.7M from $305.4M
- Xinyuan's domestic real estate market was affected by "continuous government restrictions on purchases and prices," says Xinyuan Chairman Yong Zhang.
- Adoption of ASC 606 reduced Q1 revenue by $341.1M and net income by $32.8M. Under ASC 606, XIN expects to recognize revenue for all contracts executed starting from Jan. 1, 2018, on an "over time" basis using costs incurred, an input measure..
- "With the upgrade of our strategy, we expect the Group's sales and net profits will grow better than last year," says Yong Zhang.
- Source: Press Release
- Previously: Xinyuan Real Estate reports Q1 results (May 30)
- Now read: Xinyuan Real Estate: The Path Is Becoming Clearer
Original article