China XD Plastics Announces First Quarter 2015 Financial Results

 

 

CHINA XD PLASTICS COMPANY LIMITED AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME




Three-Month Period Ended March 31,




2015



2014




US$



US$









Revenues



221,926,395




223,580,675


Cost of revenues



(173,284,119)




(176,932,337)


    Gross profit



48,642,276




46,648,338











Selling expenses



(296,820)




(122,328)


General and administrative expenses



(4,964,758)




(3,796,364)


Research and development expenses



(5,813,863)




(8,630,734)


    Total operating expenses



(11,075,441)




(12,549,426)











    Operating income



37,566,835




34,098,912











Interest income



2,428,071




3,035,365


Interest expense



(10,629,353)




(8,579,977)


Foreign currency exchange losses



(90,415)




(479,190)


Gains on foreign currency forward contracts



354,519




-


Government grant



-




1,311,239


Change in fair value of warrant liability



-




(162,739)


    Total non-operating expense, net



(7,937,178)




(4,875,302)











    Income before income taxes



29,629,657




29,223,610











Income tax expense



(4,225,631)




(7,227,559)











    Net income



25,404,026




21,996,051











Earnings per common share:









Basic and diluted



0.39




0.34











Net Income



25,404,026




21,996,051











Other comprehensive loss









Foreign currency translation adjustment, net of nil income taxes



(164,760)




(14,188,735)











Comprehensive income



25,239,266




7,807,316



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