Quarterly report pursuant to sections 13 or 15(d)

Consolidated Statements of Income

v2.4.0.8
Consolidated Statements of Income (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Revenue $ 71,909,988 $ 69,925,881 [1] $ 118,318,535 $ 144,981,615 [1]
Cost of revenue (37,453,696) (36,743,216) [1] (67,768,326) (74,474,445) [1]
Gross profit 34,456,292 33,182,665 [1] 50,550,209 70,507,170 [1]
Selling and marketing expenses (174,046) (252,168) [1] (368,734) (461,842) [1]
General and administrative expenses (3,174,413) (2,549,009) [1] (4,582,228) (5,021,724) [1]
Operating income 31,107,833 30,381,488 [1] 45,599,247 65,023,604 [1]
Other income/(expense)        
Dividend income 69,071 0 [1] 69,071 0 [1]
Interest income 216,768 183,026 [1] 386,900 333,295 [1]
Interest expenses (914,419) (894,036) [1] (1,599,796) (1,358,650) [1]
Subsidy income 205 0 [1] 35,592 0 [1]
Sundry income 11 0 [1] 2,014 0 [1]
Gain on investment 0 15,126 [1] 0 15,126 [1]
Loss on foreign exchange, net (428,389) (82,133) [1] (220,405) (30,595) [1]
(Loss)/gain on derivative 0 (728,720) [1] 1,764,249 (921,677) [1]
Total other income/(expense) (1,056,753) (1,506,737) [1] 437,625 (1,962,501) [1]
Income before income taxes 30,051,080 28,874,751 [1] 46,036,872 63,061,103 [1]
Income tax expense (5,273,327) (7,533,940) [1] (7,476,578) (14,863,836) [1]
Net income $ 24,777,753 $ 21,340,811 [1] $ 38,560,294 $ 48,197,267 [1]
Earnings per ordinary share        
- Basic and diluted (in dollars per share) $ 0.31 $ 0.27 [1] $ 0.49 $ 0.61 [1]
Weighted average number of ordinary shares outstanding        
- Basic and diluted (in shares) 79,055,053 79,055,053 [1] 79,055,053 79,055,053 [1]
[1] Represents the consolidation retrospectively restated as if Pingtan Marine Enterprise Ltd. (formerly known as China Growth Equity Investment Ltd.) completed its merger with China Dredging Group Co., Ltd. and the share purchase of Merchant Supreme Co., Ltd. on January 1, 2012 rather than on February 25, 2013.