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Xinyuan Real Estate's profit up 31% in Q4

Feb. 27, 2012 (China Knowledge) - Xinyuan Real Estate Co Ltd<XIN>, China's first U.S.-listed property company, reaped US$28.3 million in net profit in the fourth quarter of 2011, up 31% year on year from US$21.6 million.

The net profit for the fourth quarter of last year, however, declined by 9.3% sequentially from US$31.2 million.

In the three months ended Dec. 31, 2011, the New York-listed firm's diluted earnings per American Depositary Share were US$0.38, more than US$0.28 per ADS in the fourth quarter of 2010.

Revenue for the fourth quarter of last year totaled US$199.8 million, up 45.6% from a year earlier.

For the whole year of 2011, Xinyuan Real Estate's net profit doubled to US$103 million with diluted earnings per ADS of US$1.36, compared with US$0.66 per ADS in 2010. Revenue for last year increased 52.8% year on year from US$450 million to US$687.5 million.

At the end of last year, the property developer had US$487.6 million in cash, whereas it had US$525.1 million as of Sep. 30, 2011.

Xinyuan Real Estate also expects its net profit for the first quarter of 2012 to be in the range of US$18 million to US$21 million, and the firm's revenue is expected to reach between US$135 million and US$145 million in the same period.

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