Xinyuan slides 13% on decreased Q2 earnings
Xinyuan Real Estate Co. Ltd. (NYSE:XIN) dipped 13% this morning after the Chinese real estate developer announced a drop in second-quarter net income and revenues that fell below an analyst's expectations.
For the three months ended June 30, Beijing-based Xinyuan said it earned $13.2 million, down 9.6% from $14.6 million in last year's second quarter. While revenues climbed 17.2% to $87.7 million, they still fell below the $99.7 million that one analyst polled by Thomson First Call was expecting.
The company said that weaker market conditions brought about by the tightened credit supply and slowed buyer demand made the quarter a "challenging" one.
By mid-morning Xinyuan is at $6.02, down $0.90 from Friday's close. Shares have traded as low as $4.88 and as high as $18 in the past year.
For detailed price information and news stories on Xinyuan, click XIN.
