ETC Singapore, the former Cedar Strategic, posts nine-fold rise in FY16 earnings

SINGAPORE (Feb 28): Emerging Towns & Cities Singapore, the company formerly known as Cedar Strategic Holdings, posted a nine-fold rise in FY16 earnings to RMB63.9 million ($13 million) from RMB7.5 million a year ago as revenue rose to RMB718.8 million from RMB26.3 million.

In a filing on Monday night, ETC Singapore says the significant strengthening of both the top and bottom lines can be traced primarily to the consolidation of DAS, which holds an effective 49% equity stake in Myanmar’s landmark luxury development project, Golden City.

As of Dec 20, the group has acquired an equity stake of 75% in DAS. Consequently, the group was able to recognise revenue of RMB570.2 million arising from the recognition of sale of 205 property units from the initial development phase of the Golden City project. As at Dec 31 2016, 230 additional units have been sold but yet to be recognised.

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