Xinyan Real Estate has announced the first quarter 2020 financial results. According to the details, the company has generated the total revenue of $125.8 million in the Q1 2020 as compared to $468.9 million in the previous quarter. The company has reported the net loss of up to $39.1 million in the Q1 2020 as compared to the $18.2 million in the previous quarter of 2019.
The diluted net loss per ADS attributable to shareholders were recorded $0.73 in the Q1 2020 as compared to $0.33 in the previous quarter of 2019. The company has stated that its financial results were hugely impacted by the ongoing Covid-91 pandemic and the trend is likely to continue in the near future.
The company’s GFA sales in CHINA recorded 90,500 square meters in the Q1 2020 as compared the 211,400 square meters in the quarter of 2019.
Chairman of Xinyuan Real Estate, Yong Zhang said, “First quarter results were heavily affected by the COVID-19 outbreak. Project construction and pre-sales were delayed by the nationwide lock-down, which disrupted our supply chain. Suppliers and engineering firms resumed operations toward the end of March, an early sign of economic recovery as China gradually re-opens for business. We are working closely with all suppliers and partners to restart construction, and anticipate returning to normal business pace early in the third quarter this year.”
“Notably, our Hong Kong-listed property management company performed well. Property management is a recurring revenue business that is not particularly impacted by outside factors such as pandemic, the economy, or other forces. Mr. Zhang added.
“Recently, Xinyuan Property Management was again recognized for its strong execution and leadership position. In May 2020, we were designated as a ‘2020 leading listed company of property management service in business performance’. We are proud to achieve this honor,” Mr. Zhang concluded.