TSX Venture Exchange
Symbol "PRH"
LONDON, ON, Nov. 28, 2014 /CNW/ - Mr. George Lunick CEO of Pearl River Holdings Ltd. ("Pearl River") reports on its financial results for the 9 months ended September 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 9 months ended September 30, 2014 was $191,874,683 RMB up 8.7% from the comparative prior period with earnings before income tax and minority interest of $7,615,202 RMB an increase of 43.7% from $5,301,188 in the comparative prior period.
Gross profit for the year was 21.3% compared to 20 % in the prior 9 months. Expenses for the year were 16.3% down from 17.1 % in the comparative prior period.
The following table provides highlights for the year with prior year comparisons.
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Financial Highlights
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Operational
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9 Months
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9 Months
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9 Months
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ended
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ended
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ended
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Sept. 30, 2014
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Sept. 30, 2014
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Sept. 30, 2013
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CDN
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RMB
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RMB
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1. Revenue
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34,886,306
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191,874,683
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176,454,279
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2. Gross Profit
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7,058,733
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38,823,033
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35,539,409
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3. Net Income before
Income Tax and
Minority Interest
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1,384,582
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7,615,202
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5,301,188
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Key Balance sheet items per share are as follows:
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CDN
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RMB
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RMB
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4. Cash and cash
equivalents per share
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0.062
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0.34
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0.349
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5. Equity attributable
to common shareholders
per share
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0.324
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1.78
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1.736
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Mr. Lunick said "we are enthused about the increase in profitability this year and continute to push for further new revenues and additional profitability".
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
George Lunick, CEO, T: (519) 645-0267, E: george@lunick.caCopyright CNW Group 2014