Highlights for Q4 2011:
Total revenue in the fourth quarter of 2011 increased 49.2% to $47.9 million from $32.1 million in the third quarter of 2011 and increased 32.8% from $36.1 million in the fourth quarter of 2010.
Total gross floor area ("GFA") sales were 44,631 sq. meters during the fourth quarter of 2011, compared to 24,793 sq. meters in the third quarter of 2011 and 30,680 sq. meters in the fourth quarter of 2010.
Average residential selling price ("ASP") in the fourth quarter of 2011 was RMB 6,301, compared with RMB 5,574 in the third quarter of 2011, and RMB 6,661 in the fourth quarter of 2010.
Gross profit decreased 27.7% to $6.9 million from $9.5 million in the third quarter of 2011 and decreased 15.8% from $8.2 million in the fourth quarter of 2010. Fourth quarter 2011 gross margin was 14.4% compared to 29.7% in the third quarter of 2011 and 22.7% in the fourth quarter of 2010.
SG&A expenses as a percentage of total revenue decreased to 7.0%, compared to 9.1% in the third quarter of 2011 and decreased from 10.4% in the fourth quarter of 2010.
Operating income decreased 64.7% to $2.2 million from $6.1 million in the third quarter of 2011, and decreased from $3.0 million in the fourth quarter of 2010.
Net income attributable to the Company in the fourth quarter of 2011 was $2.8 million, or $0.08 per diluted share. Excluding the $0.3 million gain associated with the revaluation of derivatives and warrants, net income was $2.5 million.
CHLN China Housing & Land Development Inc.
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