China Hgs Real Estate Inc. (HGSH) stock prices stayed stable at USD$1.89 over the course of August 16th, 2021. Subsequent premarket fluctuations saw the stock surge by 8.47%, bringing the price per share up to USD$2.05.
HGSH Stock’s Stellar Quarter
August 16th, 2021 saw HGSH stock announce its interim financial results for the first nine months of fiscal 2021. The leading regional real estate develop is headquartered in Hanzhong City, Shaanxi Province in China. The company reported a massive increase in revenues for the third quarter of fiscal 2021. The 2021 quarter reported USD$31.8 million, representing an increase of 944.6% as compared to the prior-year quarter. The third quarter of 2020 reported USD$3 million, with the year-over-year difference being largely attributed to more gross floor area sold during the current quarter.
HGSH Stock’s Net Income Reports
Net income for the third quarter of fiscal 2021 came in at roughly USD$3.6 million. HGSH stock reported a significant increase from the net loss it reported in the prior-year quarter, which amounted to roughly USD$2.6 million. Net income per share came out to USD$0.14 for the third quarter of fiscal 2021. This applies to both basic and diluted shares of the company’s common stock. This is comparable to the net loss per basic and diluted share of USD$0.11 in the third quarter of fiscal 2020.
Nine-Month 2021 Breakdown
Total revenues for the first nine months of fiscal 2021 came in at roughly USD$52.9 million. This is representative of a massive 630% increase in total revenues. Revenues for the first nine-month period of fiscal 2020 came in at USD$7.2 million. Net income was reported at almost USD$6.1 million for the first nine-month period of fiscal 2021. This is a significant improvement from the net loss of roughly USD$3.5 million reported in the prior-year period. Net income per share came out to USD$0.26 per both basic and diluted share for the first nine-month period of fiscal 2021. This is a massive improvement from the USD$0.15 net loss per basic and diluted share reported for the prior-year period.
Future Outlook for HGSH Stock
The company reported a promising quarter and is taking measures to continue its trajectory of success. HGSH stock is keen to facilitate significant and sustained increases in shareholder value. Management is leveraging the resources at its disposal to usher in organic growth.
