SINGAPORE (Nov 13): Ying Li International Real Estate saw 3Q earnings surge to RMB17.2 million ($3.5 million) from RMB7,000 a year ago.
Revenue rose 25.3% to RMB314.6 million. Revenue from the sale of properties increased by 31% to RMB264.1 million mainly driven by the sales of existing units from completed projects, investment properties, as well as from the continued handover of the residential units at San Ya Wan Phase 2 project and commercial units at Ying Li International Electrical and Hardware Centre in Phase 1A and 2A.
Rental income increased by 2.1% to RMB50.4 million compared to last year. The overall increase is a net result of increase in rental income from its retail malls, offset by the loss of rental income from the investment properties sold.
Group gross profit in 3Q17 increased 57.4% to RMB94.9 million compared to the same period last year.
The mix of properties that were sold and handed over in 3Q17 had higher gross profit compared to that from the high‐rise residential units at San Ya Wan Phase 2 handed over in 3Q16.
Group gross profit margin for 3Q17 increased by 6.2 percentage points to 30.2%.
In its outlook, Ying Li says the group remains steadfast on developing residential and bespoke projects at prime locations in the city.
The handover for Phase 1A and 2A of the group’s build‐to‐order development Ying Li International Hardware and Electrical Centre is progressing as planned.
Shares in Ying Li closed 1 cent higher at 15 cents.
