SINGAPORE (May 14): Weiye Holdings saw its earnings more than double to RMB 7.5 million ($1.5 million) for the 1Q ended March, from RMB 3.0 million a year ago.
1Q18 revenue rose 39.9% to RMB 199.2 million, from RMB 142.4 million a year ago.
Property development sales increased by 43% to approximately RMB 185.6 million, mainly due to higher total net saleable floor area handed over to customers and higher carpark sales.
Sales of equipment was 8% higher at RMB 13.6 million, mainly due to increase in sales of cleanroom equipment products in the quarter as a result of higher demand from the semiconductor industry.
As at end March, cash and cash equivalents stood at RMB 310.4 million.
Looking ahead, the group says its property development business could face more challenges in the next 12 months due to China’s property control measures as well as the government's new public rental housing policies.
Shares of Weiye last closed at 64 cents on May 9.
