China HGS Real Estate Q1 Profit Drops - Quick Facts

(RTTNews) - China HGS Real Estate Inc.'s (HGSH) first-quarter net income slid to $1.63 million from about $3.1 million a year ago. The decreased year-over-year profit margin in this quarter was mainly due to a slow down of contracted sales achieved in the current quarter.

For the quarter, net earnings per share attributable to shareholders for the first quarter of fiscal 2015 were $0.04, lower than $0.07 reported last year.

Total revenues for the first quarter of fiscal 2015 were nearly $10.6 million, a 25.3% decrease from around $14.1 million in the same quarter of fiscal 2014. Total revenues recognized from percentage of completion method were approximately $9.8 million, which accounted for 92.9% of total revenues in the first quarter of fiscal 2015.