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NewsBot Date: August 23, 2006 08:46:00 AM
CPDV News China Properties Developments, Inc. Reports Results for Second Quarter 2006
XI'AN, China--(BUSINESS WIRE)--Aug. 23, 2006--China Properties Developments, Inc. (OTCBB:CPDV) through its majority owned subsidiaries, is primarily engaged in the acquisition and development of land holdings, and the development, sale, rental, and management of mixed-use residential, commercial and office properties in the City of Xi'an, the capital of Shaanxi Province in the People's Republic of China, recently announced results for the quarter ended June 30, 2006.
Revenues were $719,000 and $2,276,000 for the three and six months ended June 30, 2006 compared to no revenues for the three and six months ended June 30, 2005. The revenues were due to sales of condominium units and office space in the Yangming building for which there were no comparable revenue items in 2005. Gross profit was $151,000 and $479,000 for the three and six months ended June 30, 2006, compared to no gross profit for the three and six months ended June 30, 2005. We also achieved rental income of $63,000 and $107,000 for the three and six months ended June 30, 2006 compared to rental income of $55,000 and $110,000 for the three and six months ended June 30, 2005.
We achieved net income of $72,000 for the three months ended June 30, 2006 compared to a net loss of $277,000 for the three months ended June 30, 2005. For the six months ended June 30, 2006, we had net income of $309,000 compared to a net loss of $374,000 for the six months ended June 30, 2005. For the three months ended June 30, 2006, we had earnings per share of $0.00 compared to a net loss of $0.02 per share for the three months ended June 30, 2005, and for the six months ended June 30, 2006, we had earnings per share of $0.02 compared to a net loss of $0.02 per share for the six months ended June 30, 2005.
Ping'an Wu, Chairman, President and CEO of China Properties Developments, Inc. said, "We are pleased to announce our financial results for quarter-ended June 30, 2006. We are continuing to work hard on the closing the acquisition of the Yan-Ta Shopping Mall property and expect to report positive results in the very near future."
About The Company
China Properties Developments, Inc. China Properties Developments, Inc. through its majority owned subsidiaries, is primarily engaged in the acquisition and development of land holdings, and the development, sale, rental, and management of mixed-use residential, commercial and office properties in the City of Xi'an, the capital of Shaanxi Province in the People's Republic of China, One of China's most ancient cities, Xi'an is a thriving cultural, historical and intellectual center, whose population of more than 6 million. The Company has completed development of the Jiahui Office Building, Oufengyuan Office Building, Jixiang Garden Residential Project, and Yangming International Tower. Currently there are three specific projects that are in various stages of negotiations and planning, they are: Garden Villa, Bali Village and the Great Tang Hibiscus Garden. The total assets of the Company are over US$25 million. The Company recently entered into an agreement to acquire Shaanxi Xinyuan Real Estate Co., developer of the Yan-Ta Shopping Mall. For more information go to www.chinapropertiesdevelopments.com.
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks defined in this document and in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the companies, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the companies disclaim any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
