ORLANDO, Fla., April 8, 2009 (GLOBE NEWSWIRE) -- Promotora Valle Hermoso Inc. (OTCBB:PVHI), anounced that total revenue for the year ended December 31, 2008 was $89.3 million, a decrease of 4.4% as compared to $93.4 million during the comparable period of 2007. The decrease was a result of a decrease in road base product revenues, from $43.0 million to $16.4 million; however the decrease in road product was offset by an increase in home building revenues, from $50.1 million to $72.9 million, representing higher sales of apartments from completed construction projects.
Net earnings increased by 73%, to $10.5 million for the year ended December 31, 2008, from $6.1 million for the comparable period in 2007, primarily due to the Company's increase in revenues in the home building segment, a decrease in the cost of sales resulting in higher gross margins in the home building segment.
The company backlog, which includes the total value of awarded contracts that have not been completed, including our proportionate share of unconsolidated joint venture contracts was approximately $1.5 billion as of November 2008.
About Promotora Valle Hermoso:
Promotora Valle Hermoso has a 68% ownership in its subsidiary 494 UNR. 494 UNR is a construction company with its principal offices located in Bronnitsy (Moscow region), Russian Federation. 494 UNR operates in the Russian Federation, primarily in the Moscow region, and specializes in infrastructure build and supply services, including the construction of roads, highways and bridges, design/build apartment and office buildings and parks, warehouses, shopping centers and retail facilities, hotels, commercial housing projects and light industrial projects for governments, developers, businesses and end users. 494 UNR also performs activities such as demolition, clearing, large-scale earthwork and grading, dewatering, drainage improvements and structural concrete.
More detailed information on the housing projects can be found on the Promotora Valle Hermoso corporate website: www.unrhs.com
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"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements (within the meaning of Section 27a of the Securities Act of 1933 and Section 21e of the Securities Exchange Act of 1934) regarding us and our business, financial condition, results of operations and prospects. Forward-looking statements in this report reflect the good faith judgment of our management and the statements are based on facts and factors as we currently know them. Forward-looking statements are subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. Readers are urged not to place undue reliance on these forward-looking statements which speak only as of the date of this press release. We undertake no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of the press release.