SINGAPORE (Aug 25): Imperium Crown, the real estate developer, narrowed its net losses for FY17 to $6.7 million from $12.4 million in FY16.
This was mainly due to the absence of a net fair value loss on investment properties of $16.5 million in FY16.
Group revenue for 12 months ended June grew 2.6% to $4.9 million compared to $4.7 million a year ago. The growth was driven mainly by an increase in revenue contribution from the group’s Hatchobori Place office property in Tokyo.
However, net property income decreased by $0.3 million to $2.7 million due to increase in property operating expenses.
In line with the group’s ongoing divestment of its Japanese property portfolio, its acquisition of Development West, and its proposed acquisition of 60% of Global Entertainment Media (GEM), the group’s other operating expenses increased to $7.7 million from $1.5 million.
In addition, the group registered an impairment loss of $2.4 million in FY17 on its acquisition of Development West.
Having set its sights on China as a potential growth market, the group recently completed its acquisition of a 60% stake in GEM, which holds 50-year operating rights to Wonder Stone Park, a prominent tourist destination in Feixian County, Linyi City, Shandong Province, China.
In line with China’s aims to grow its cultural tourism industry, the group says it is optimistic that there is significant potential for GEM to further develop the Wonder Stone Park, in collaboration with local Chinese authorities and business partners.
Shares in Imperium Crown closed at 11 cents on Friday.
