Gold Horse International Inc., a business group that, through the Jin Ma Companies, controls and operates a construction company, real estate development business and a hotel/banquet facility in Inner Mongolia, China, today announced its financial results for the nine months ended March 31, 2011.
For the nine-months ended in March, the company reported a 54.8 percent increase in revenue to $36.2 million compared to $2.3 million for the comparable nine-month period in 2010.
Gross margin increased 16.3 percent compared to 15.7 percent in the same nine months of 2010.
Gross profit increased 60.8 percent to $5.9 million over $3.7 million reported for the same nine months of 2010.
Net income was $3.2 million, or $1.63 per fully diluted common share, compared to $0.3 million, or $0.21 per fully diluted share, reported for the same nine months of 2010.
As of March 31, 2011, Gold Horse reported $0.3 million in cash and cash equivalents, short-term debt of $3.2 million and long-term debt of $0.32 million.
Liankuan Yang, chairman and CEO of Gold Horse, said the company is confident that it is out of reach of the effects of the slow real estate markets in Beijing and Shanghai, cushioned by its development in Hohhot, Inner Mongolia and its surrounding areas.
“… During the fourth quarter of 2011, we expect to sell all of our units in Shuian Renjia and we expect to collect approximately $30 million from these sales which will be used to pay subcontractors and other accounts payable balances and will be used for working capital purposes,” Yang stated in the press release.
The company noted that Jin Ma Real Estate has acquired land and rights to various residential projects, and recently completed a project in Hohhot expected to yield revenues of $30 million during the fourth quarter of 2011.
For more information visit www.goldhorseinternational.com