Gold Horse International Inc., a multifaceted business group operating through its subsidiaries to control and operate a construction company, real estate development business and a hotel/banquet facility in Inner Mongolia, China, today announced its financial results for the 12 months ended June 30, 2011.
Net revenue rose 50.3 percent to $76.5 million compared to $50.9 million reported for fiscal year 2010.
The company’s gross margin was 17.9 percent compared to 20.0 percent in the prior year; gross profit increased 34 percent to $13.7 million compared to $10.2 million reported last year.
Operating income was $11.36 million compared to operating income of $7.98 million in the prior year.
Gold Horse’s net income increased 17.6 percent to $9.7 million compared to $8.3 million reported for the 12 months of 2010. Adjusted net income excluding non-cash gains and expenses was $9.2 million, or $4.62 per fully diluted common share, as compared to adjusted net income of $6.6 million, or $3.99 per fully diluted common share, a year ago.
As of June 30, 2011, the company reported $0.2 million in cash and cash equivalents, short-term debt of $0.5 million, and long-term debt of $4.6 million. Gold Horse shareholders’ equity was $50.4 million, up from $36.6 million as of June 30, 2010. Cash provided by financing activities for fiscal 2011 was $2.8 million.
Liankuan Yang, chairman and CEO of Gold Horse, said the company expects to move continue its path to becoming a leading real estate developer in Inner Mongolia.
“We are quite pleased with Jin Ma Real Estate’s new real estate development projects, and we are confident that the Jin Ma Companies remain on track to become one of the most prominent construction and real estate development companies in Inner Mongolia, China,” Yang stated in the press release. “We are confident that real estate development in Hohhot, Inner Mongolia and its surrounding areas, a third- tier city, will remain strong and will not feel the effects of the slower real estate markets occurring in tier-one cities such as Beijing and Shanghai.”
The company has three new real estate development projects, currently in various stages of development, totaling approximately $96 million in estimated revenues over fiscal years 2014 to 2016.
For more information visit http://www.goldhorseinternational.com
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