LONDON, ONTARIO–(Marketwired – May 11, 2016) – Mr. George Lunick, CEO of Pearl River Holdings Ltd. (“Pearl River”) (TSX VENTURE:PRH), reports on its financial results for the 12 months ended December 31, 2015.
Revenue for the 12 months ended December 31, 2015 was 242,981,483 RMB down 3.6% from the comparative prior period. Net earnings for the year were 6,250,805 RMB up 1,804,117 RMB or 40.6% from the comparative prior year.
Gross profit for the year was 55,951,408 RMB, 22.6% of revenue compared to 20.0 % in the prior 12 months, an increase of 5,493,439 RMB over the prior period. Expenses for the year were 47,731,219 RMB, 19.6% of revenue, up from 17.8% in the comparative prior period.
The following table provides highlights for the year with prior year comparisons.
| Financial Highlights | ||||||
| Operational | 12 Months ended | 12 Months ended | 12 Months ended | |||
| Dec. 31, 2015 | Dec. 31, 2015 | Dec.31, 2014 | ||||
| CDN$ | RMB | RMB | ||||
| Revenue | 51,779,713 | 242,981,483 | 252,041,918 | |||
| Gross Profit | 11,923,327 | 55,951,408 | 50,457,969 | |||
| Net Income For the year | 1,332,055 | 6,250,805 | 4,446,688 | |||
| Key Balance Sheet and Income Statement Items Per Sshare Are As Follows: | ||||||
| CDN$ | RMB | RMB | ||||
| Cash and Cash Equivalents Attributable to Common Shareholders per Share (1)(2) | 0.103 | 0.485 | 0.321 | |||
| Equity Attributable to Common Shareholders per Share (1)(2) | 0.437 | 2.053 | 1.833 | |||
| Earnings per Share (1)(2) Attributable to Common Shareholders | 0.0372 | 0.1745 | 0.1094 | |||
Notes:
- Based on 27,309,927 Common Shares.
- Based on amounts attributed to Pearl River common shareholders which amounts do not include amounts
attributable to minority interests in subsidiaries of Pearl River that are held by third parties.
Mr. Lunick said: “2015 was a record profit year. Gross profits were higher in RMB and as a percentage of sales. The increase was a direct result of efforts of staff at every level in the organization. We will continue to push for new revenues and additional profitability.”
About Pearl River
Pearl River Holding, through its subsidiary, the principal business is the manufacturing and distribution of plastic products in China, Australia and the United States of America.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
George Lunick
CEO
(519) 645-0267
