Gold Horse International, Inc. reported a strong year over year increase in net income for the fiscal year ending 6/30/2010. The company reported net income of $8.3 million, or $5.01 per diluted share, in fiscal 2010. The company earned $6.2 million, or $3.17 per diluted share, in fiscal 2009.
Despite the increase in net income, Gold Horse International, Inc., reported a sharp decrease in sales for the fiscal year. The company had sales of $50.9 million in fiscal 2010, compared to $80.9 million in fiscal 2009.
Gold Horse International, Inc. said the sharp drop in sales was due mostly to weakness in its construction business, which experienced a $40 million decrease from fiscal 2009 to 2010. The management of Gold Horse International, Inc. attributed the weakness to the “softening of the real estate market” in the company’s service area.
Gold Horse International, Inc. is under contract to construct three separate development projects in China to be used as residential housing. The company estimates that it will earn $96 million in revenue over the next three fiscal years due to these projects. The company conducts its construction activities as Jin Ma Construction, an affiliate of the company.
For more information on the company, go to www.goldhorseinternational.com
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