ORLANDO, Fla., Nov. 19, 2008 (GLOBE NEWSWIRE) -- Promotora Valle Hermoso Inc. (OTCBB:PVHI) is pleased to announce that total revenues for the nine-month period ended September 30, 2008, increased by $1,848,715 or 3,3% to $57,535,937, as compared to $55,687,222 during the comparable period of 2007. The minor increase is primarily attributable to a significant increase in home building revenues and a decrease in road surfacing revenues.
Income from operations increased $8,551,867, or 78%, as compared to $19,507,823 for the nine-month period ended September 30, 2008 to $10,955,956 for the comparable period in 2007, primarily due to a decrease in costs and expenses.
Net earnings increased by $4,577,480, or 75.7%, to $10,625,455 for the nine-month period ended September 30, 2008 compared to $6,047,975 for the comparable period in 2007, primarily due to a general decrease in costs and expenses.
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: http://www.unrholdings.com/indexe.
The Promotora Valle Hermoso, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2777
"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.