China HGS Real Estate Q3 Profit Up - Quick Facts

(RTTNews) - China HGS Real Estate Inc. (HGSH) said that its net income for the third quarter of fiscal 2014 totaled approximately $8.2 million, an increase of about $5.9 million from the net income of approximately $2.3 million in the same period of last year. The increased net income in this quarter compared to the same quarter of last year was primarily due to the significantly increased revenue. Net earnings per share for the third quarter were $0.18, up from $0.05 for the same quarter last year.

Total revenues for the third quarter of fiscal 2014 were approximately $28.9 million, an increase of 302% from approximately $7.2 million in the same quarter of fiscal 2013. Total revenues recognized from percentage of completion method were approximately $24.2 million, which accounted for 84% of total revenues in the third quarter of fiscal 2014.