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CHINA XD PLASTICS COMPANY LIMITED AND SUBSIDIARIES | ||||||||
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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||||||
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Three-Month Period Ended March 31, |
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2015 |
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2014 |
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US$ |
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US$ |
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Revenues |
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221,926,395 |
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223,580,675 |
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Cost of revenues |
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(173,284,119) |
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(176,932,337) |
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Gross profit |
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48,642,276 |
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46,648,338 |
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Selling expenses |
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(296,820) |
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(122,328) |
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General and administrative expenses |
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(4,964,758) |
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(3,796,364) |
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Research and development expenses |
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(5,813,863) |
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(8,630,734) |
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Total operating expenses |
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(11,075,441) |
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(12,549,426) |
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Operating income |
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37,566,835 |
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34,098,912 |
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Interest income |
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2,428,071 |
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3,035,365 |
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Interest expense |
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(10,629,353) |
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(8,579,977) |
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Foreign currency exchange losses |
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(90,415) |
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(479,190) |
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Gains on foreign currency forward contracts |
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354,519 |
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- |
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Government grant |
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- |
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1,311,239 |
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Change in fair value of warrant liability |
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- |
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(162,739) |
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Total non-operating expense, net |
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(7,937,178) |
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(4,875,302) |
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Income before income taxes |
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29,629,657 |
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29,223,610 |
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Income tax expense |
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(4,225,631) |
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(7,227,559) |
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Net income |
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25,404,026 |
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21,996,051 |
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Earnings per common share: |
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Basic and diluted |
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0.39 |
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0.34 |
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Net Income |
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25,404,026 |
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21,996,051 |
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Other comprehensive loss |
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Foreign currency translation adjustment, net of nil income taxes |
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(164,760) |
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(14,188,735) |
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Comprehensive income |
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25,239,266 |
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7,807,316 |
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