Summary of results in the first three quarters of 2009: from January to September 2009, the company achieved operating income of 131.64 million yuan, an increase of 17.84% over the same period last year; operating profit of 33.01 million yuan, compared with a loss of 37.93 million yuan in the same period last year; net profit belonging to the parent company was 10.46 million yuan, compared with a loss of 27.17 million yuan in the same period last year; earnings per share are 0.029 yuan. In the third quarter, the company achieved operating income of 25.89 million yuan, an increase of 76.92% over the same period last year; a net loss of 16.2 million yuan; and earnings per share of-0.045 yuan.
Summary of the company's fundamentals: the company has four main businesses, including the thermal industry, the urban infrastructure construction industry, the modern service industry based on the convention and exhibition industry, and the real estate industry based on the first-level land development and the first-and second-level development. Among them, the real estate business is the entrusted development of land with government compensation as non-operating income.
The reversal of asset impairment losses resulted in a small profit in the first three quarters: in the first three quarters, the company's consolidated gross profit margin was 11.8%, while the expense rate was as high as 60.5%. The profitability of the main business is poor. The profit in the first three quarters was positive, mainly due to the reversal of asset impairment losses of 101 million yuan, about three times the pre-tax profit. The recycle part is the receivables of the Management Committee of Changchun Economic and technological Development Zone. The benefit is an one-time benefit.
At present, the company enjoys the first-class development right of 17 pieces of corn industrial park with a total of 2.23 million square meters in the harbor economic zone. However, due to the changeable policies, there is great uncertainty about the development progress and benefits.
After deducting non-recurring profit and loss, the company has lost money for the sixth year in a row. This year, the company plans to make a profit of 5 million yuan, or about 0.014 yuan per share. Due to the poor profitability of the existing business and the uncertainty of the land development business policy, we do not think the company is very attractive.