LONDON, ON–(Marketwired – May 03, 2017) – 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, 2016.
Revenue for the 12 months ended December 31, 2016 was 232,836,902 RMB down 4.2% from the comparative prior period. Net earnings for the year were 9,091,476 RMB up 2,840,671 RMB or 45.4% from the comparative prior year.
Gross profit for the year was 24.6% compared to 23.0 % in the prior 12 months an increase of 1,333,884 RMB. Expenses for the year were 21.5% up from 19.6% in the comparative prior period.
The following table provides highlights for the year with prior year comparisons.
Financial Highlights
| Operational | 12 Months | 12 Months | 12 Months | 12 Months | |
| ended | ended | ended | ended | ||
| Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
| CDN | RMB | RMB | RMB | ||
| 1. | Revenue | 47,359,227 | 232,836,902 | 242,981,483 | 252,041,918 |
| 2. | Gross Profit | 11,651,878 | 57,285,292 | 55,951,408 | 50,457,969 |
| 3. | Net Income For the year | 1,849,214 | 9,091,476 | 6,250,805 | 4,446,688 |
| Key Balance sheet items per share are as follows: | |||||
| CDN | RMB | RMB | RMB | ||
| 4. | Cash and cash equivalents per share | 0.122 | 0.574 | 0.485 | 0.321 |
| 5. | Equity attributable to common shareholders per share | 0.494 | 2.32 | 2.053 | 1.833 |
| 6. | Net income for year attributable to common shareholders | 0.0453 | 0.2226 | 0.1745 | 0.1094 |
Mr. Lunick said “2016 was once again a record profit year. Each of the last two years the Net Income for the year has increased in excess of 40%. 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 Holdings’ principal business, through its subsidiary, 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.
For further information please contact:
George Lunick
CEO
T: (519) 645-0267
E: george@lunick.ca