XIN 盈利比去年同期少, 股票大跌# Stock
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市场预期每股净利润一毛四,实际宣布一毛,市场大不爽.
NEW YORK -- Chinese real estate developer Xinyuan Real Estate Co. said
Wednesday its third-quarter net income dropped a third from the previous
year due to government restrictions designed to curb real estate speculation.
Shares of the company tumbled on the news, falling 25 cents, or 8.1 percent,
to $2.85 in late morning trading.
Net income fell to $8 million, or 10 cents per American Depositary share, in
the third quarter, from $12 million, or 14 cents per ADS, in the year-ago
period.
Quarterly revenue dropped 16 percent to $107.6 million from $128.2 million
in the previous year. Contract sales slipped 5 percent to $151 million from
$159 million.
On average, analysts polled by Thomson Reuters expected net income of 14
cents per ADS on $100.4 million in revenue.
The company noted that the government tightened regulations on real estate
investment in the country. The new rules enacted in September require higher
down payments and halts mortgage lending to third-time homebuyers and out-
of-town buyers.
"It is difficult to determine what the eventual impact of these policies
will be, and potential buyers are awaiting further clarity on what actions
the government will take next," said Xinyuan Chairman and CEO Yong Zhang in
a company statement.
For the fourth quarter, the company expects net income between $13 million
and $16 million. For the year, it expects net income between $43 million and
$46 million.
Analysts are expecting net income of $12.9 million for the fourth quarter
and $45.6 million for 2010.
(c) 2010 The Associated Press. All rights reserved. This material may not be
published, broadcast, rewritten or redistributed.
NEW YORK -- Chinese real estate developer Xinyuan Real Estate Co. said
Wednesday its third-quarter net income dropped a third from the previous
year due to government restrictions designed to curb real estate speculation.
Shares of the company tumbled on the news, falling 25 cents, or 8.1 percent,
to $2.85 in late morning trading.
Net income fell to $8 million, or 10 cents per American Depositary share, in
the third quarter, from $12 million, or 14 cents per ADS, in the year-ago
period.
Quarterly revenue dropped 16 percent to $107.6 million from $128.2 million
in the previous year. Contract sales slipped 5 percent to $151 million from
$159 million.
On average, analysts polled by Thomson Reuters expected net income of 14
cents per ADS on $100.4 million in revenue.
The company noted that the government tightened regulations on real estate
investment in the country. The new rules enacted in September require higher
down payments and halts mortgage lending to third-time homebuyers and out-
of-town buyers.
"It is difficult to determine what the eventual impact of these policies
will be, and potential buyers are awaiting further clarity on what actions
the government will take next," said Xinyuan Chairman and CEO Yong Zhang in
a company statement.
For the fourth quarter, the company expects net income between $13 million
and $16 million. For the year, it expects net income between $43 million and
$46 million.
Analysts are expecting net income of $12.9 million for the fourth quarter
and $45.6 million for 2010.
(c) 2010 The Associated Press. All rights reserved. This material may not be
published, broadcast, rewritten or redistributed.
