Sino Gas Intl Hldgs (GREY:SGAS)

Friday, November 28, 2014 | Web News
BEIJING and SALT LAKE CITY, November 27, 2014 /PRNewswire/ -- Sino Gas International Holdings, Inc. (the "Company", OTCBB:...
Wednesday, November 26, 2014 | Web News
Item 2.01, Completion of Acquisition or Disposition of Assets. On November 26, 2014, the Company has completed the merger contemplated under and pursuant...
Wednesday, November 26, 2014 | Web News
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On September 3, 2014, in...
See All Research...

At least one FIE exists in the corporate structure

Sino Gas International Holdings, Inc.

Consolidated Statements of Income

For the threemonths and six months ended June 30, 2014 and 2013

 

(Stated in US Dollars)

 

        Three Months Ended     Six Months Ended  
        6/30/2014     6/30/2013     6/30/2014     6/30/2013  
    Note                        
Sales revenue   2(q)     17,003,727     14,862,867       32,495,557     28,292,758  
Cost of revenue         14,956,975       9,710,563       24,964,940       19,600,777  
Gross Profit         2,046,752       5,152,304       7,530,617       8,691,981  
                                     
Operating Expense                                    
Selling expense        

1,392,267

      1,183,255       2,980,981       2,398,953  
General and administrative expense         1,472,297       1,224,119       2,632,858       2,871,477  
Total operating expense         2,864,564       2,407,374       5,613,839       5,270,430  
                                     
Operating Income/(Loss)         (817,812 )     2,744,930       1,916,778       3,421,551  
                                     
Other Income/(Expense)                                    
Investment Income/(Loss)         24,793       (2,112 )     24,793       (2,112 )    
Other income         1,529,285       29,983       1,557,364       31,442  
Other expense         (70,920 )     (57,552 )     (338,459 )     (123,867 )
Interest income         37,809       58,811       86,294       100,162  
Interest expense         (785,284 )     (943,680 )     (1,400,223 )     (1,868,552 )
Total other income/(expense)         735,683       (914,550 )     (70,231 )     (1,862,927 )
                                     
Income before tax         (82,129 )     1,830,380       1,846,547       1,558,624  
                                     
Income tax   2(r),12     (232,369 )     (416,059 )     (493,209 )     (778,683 )
                                     
Gain/(Loss) from discontinued operations, net of tax         -       -       -       -  
                                     
Net income/(loss)         (314,498 )   $ 1,414,321       1,353,338     $ 779,941  
                                     
Net income (loss) attributable to:                                    
- Common stockholders       $ (312,041 )   $ 1,415,111     $ 1,356,701     $ 781,439  
- Non-controlling interest         (2,457 )   $ (790 )     (3,363 )   $ (1,498 )
                                     
Other Comprehensive income                                    
Foreign currency translation adjustment         (43,320 )     (492,262 )     122,189       1,735,466  
Comprehensive income/(loss)         (357,818 )     922,059       1,475,527       2,515,405  
                                     
Comprehensive Income/(Loss) Attributable to:                                    
-Common stockholders         (355,147 )     922,574       1,479,194       2,510,574  
-Non-controlling stockholders         (2,671 )     (515 )     (3,667 )     4,831  
          (357,818 )     922,059       1,475,527       2,515,405  
                                     
Earnings per share   2(z),13                                
Basic:   -Net income       $ (0.01 )   $ 0.03     $ 0.02     $ 0.03  
  -Income from continued operation                                    
  -Income from discontinued operation                                    
Diluted: -Net income       $ (0.01 )   $ 0.03     $ 0.02     $ 0.03  
  -Income from continued operation                                    
  -Income from discontinued operation                                    
                                     
Weighted Average Shares Outstanding                                    
Basic         57,608,833       31,802,382       57,608,833       31,802,382  
Diluted         57,608,833       31,802,382       57,608,833       31,802,382  

Management Discussion and Analysis

Net Revenues

We generate revenues from two sources: connection fees for constructing connections to our natural gas distribution network and fees for sales of natural gas.

Total net revenues for the three months ended June 30, 2014 were $17.0 million compared to $14.9 million for the same period in 2013, representing an increase of 14.4%. The increase was primarily due to the increase in gas sales. During this period, we connected 15,469 new residential households to our gas distribution network, resulting in total connection fees of $4.2 million. In comparison, we connected 16,565 new residential households to our gas distribution network for the same period of 2013, resulting in total connection fees of $7.3 million. Gas sales during the three months ended June 30, 2014 were $12.8 million. Gas sales during the same period in 2013 were $7.5 million.


Net Income

Net loss for the three months ended June 30, 2014 was $ 0.3 million, compared with net income of $1.4 million for the same period of 2013.

Web site: http://www.sino-gas.com

Last updated August 14, 2014