Pearl River - another good quarter

TSX Venture Exchange
Symbol "PRH"

LONDON, ON, Sept. 15, 2014 /CNW/ - Mr. George Lunick CEO of Pearl River Holdings Ltd. ("Pearl River") reports on its financial results for the 6 months ended June 30, 2014.

The company changed the reporting currency on the financial statements to the Chinese Renminbi ("RMB") in the year 2013.

"The reporting currency change better reflects the financial results of the company and minimizes the effect of currency fluctuation" says Chief Executive Officer George Lunick.

Revenue for the 6 months ended June 30, 2014 was $123,451,450 RMB up 10.2% from the comparative prior period with earnings before income tax and minority interest of $3,778,215 RMB an increase of 37.4% from $2,749,733 in the comparative prior period.

Gross profit for the year was 19.9% compared to 19 % in the prior 6 months.  Expenses for the year were 16.8% up from 16.6 % in the comparative prior period.

The following table provides highlights for the year with prior year comparisons.

Financial Highlights





Operational           

6 Months

6 Months

6 Months


ended

ended 

ended


June 30, 2014

June 30, 2014

June 30, 2013


CDN

RMB

RMB

1.    Revenue                

21,883,252

123,451,450

112,051,237

2.    Gross Profit            

4,345,358

24,536,182

21,302,760

3.    Net Income before




       Income Tax and




       Minority Interest      

669,122

3,778,215

2,749,733





Key Balance sheet items per share are as follows:






CDN

RMB

RMB

4.    Cash and cash




       equivalents per share        

0.056

0.324

0.349

5.    Equity attributable




       to common shareholders




        per share                           

0.305

1.770

1.736

Mr. Lunick said "we look forward to another year building on the momentum of the prior year's production and sales effort changes".

About Pearl River

Pearl River Holding, through its subsidiary, the principal business is the manufacturing and distribution of plastic products in China, Australia and the United States of America.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Pearl River Holdings Limited

For further information: George Lunick, CEO, T: (519) 645-0267, E: george@lunick.ca

RELATED LINKS
http://www.pearlriver.wwdc.com

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Pearl River Holdings Limited

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