China Housing & Land Development, Inc., ("China Housing" or the "Company", NASDAQ: CHLN) today announced its unaudited financial results for the third quarter ended September 30, 2009.  Shares jumped.

Here are the highlights:

1. Total revenues increased 215% to $23.8 million compared to $7.5 million in the third quarter of 2008, and increased 5.3% sequentially from $22.6 million in the second quarter of 2009.
2. Total gross floor area ("GFA") sales were 32,436 sq. meters, compared to 11,069 sq. meters in the third quarter of 2008 and 31,141 sq. meters in the second quarter of 2009.
3. Gross profit increased 403% to $7.4 million compared to $1.5 million in the third quarter of 2008. Third quarter gross margin increased to 31.2% compared to 19.5% in the third quarter of 2008.
4. SG&A expenses as a percentage of total revenue declined to 10.5% from 21.1% in the third quarter of 2008.
5. Operating income was $4.0 million, compared to a net loss of ($3.2 million) in the third quarter of 2008 and income of $5.1 million in the second quarter of 2009.
6. Net income increased 779% to $12.7 million, compared to $1.4 million in the third quarter of 2008 and a net loss of ($10.0 million) in the second quarter of 2009. Third quarter net income included a $5.7 million, or $0.17 per share non-cash gain associated with the revaluation of derivatives and warrants. Excluding this gain, non-GAAP net income would have been $7.2 million.
7. Diluted net income per share attributable to ordinary shareholders was $0.24, compared to diluted earnings per share of $0.04 in the third quarter of 2008 and diluted loss per share of ($0.32) in the second quarter of 2009. Excluding the non-cash gain in the third quarter, diluted earnings per share would have been $0.06 per share.

Stock price jumped today due to the release.  Here is today's trading chart:

{WISroYQ symbol='CHLN'}