Shares in China HGS Real Estate Inc. (Nasdaq: HGSH) fell 1.41% on the day to $2.04 after the company reported a revenue and income decrease for the full fiscal year ended September.
The regional real estate developer based in Hanzhong, said in its report today that its revenue for the 12 months reached $13 million, down 67.5% year-over-year. Its net income, the company added, reached 1 million, representing a decrease of 73.5% from last year.
Last month, the company issued an announcement stating that due to the company’s inability to complete its financial disclosure requirements, it was unable to submit its fiscal year 2020 annual report on the specified date.
The disappointing results so far in the new year come after the company ended 2020 on a good note. In early December. HGS reported it had started a real estate project located in Liangzhou Road, Hanzhong City, Shaanxi Province in early December, which lifted its share price by 133.52% to $4.07 on the day.
Founded in 1995, China HGS is focusing on the development of high-rise, sub-high-rise residential buildings and multi-building apartment complexes in China's Tier 3 and Tier 4 cities.