ORLANDO, Fla., Aug. 25, 2011 (GLOBE NEWSWIRE) -- Diversified Global Holdings Group Inc. (OTCQB:DGHG) announced today its financial results for the six months ended June 30, 2011. The Company attributes its improved results over the comparable period in 2010 to a number of successful acquisitions during 2010. The Company is an expanding international holdings company with strong subsidiaries in emerging markets.
For the six months ended June 30, 2011, net earnings increased to $712,257 from $196,367, an increase of $515,890 or 262% from the period ended June 30, 2010.
Gross margin was $2,972,988 for the six months ended June 30, 2011, compared to $982,955 for the same period in 2010, representing an increase of $1,990,033 or 202% over the previous year. Gross margin was approximately 30% percent for the six months ended June 30, 2011. The Company estimates that gross margins will steadily improve throughout 2011 with the scheduled completion of existing work projects and the addition of several more acquisitions contributing to estimated higher margins in line with its business plan.
For the three months ended June 30, 2011 net earnings increased to $516,027 as compared to $132,052 for the three months ended June 30, 2010 representing an increase of $383,975 or 290% over the previous year. The Company reported revenues for the three months ended June 30, 2011 of $4,251,988 compared to $1,523,309 for the three months ended June 30, 2010 representing an increase of $2,728,679 or 179% over the previous year.
Richard Lloyd, CEO and co-founder of Diversified Global Holdings Group, stated, "Our construction division is performing very well, and I am very encouraged with the progress we have made so far this year. We intend to continue our acquisition strategy with the goal of increasing shareholder value. This quarter we enhanced our service offering by entering two additional industries, while growing revenues by 243% over the prior period." He continued, "We expect our operations to continue this growth trend well into the foreseeable future."
About Diversified Global Holdings Group Inc.
Diversified Global Holdings Group (OTCQB:DGHG) is a rapidly growing holdings company with strong subsidiaries worldwide. DGHG has proven M&A expertise and intends to continue its expansion in emerging markets by leveraging its 6 divisions into 12 major market sectors. For more information, visit DiversifiedGlobalHoldings.com.
This press release may include 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. These statements are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.