Mainboard-listed Ying Li International Real Estate has recorded a 13.7-million-yuan or S$2.8-million net loss after tax for Q1, which overturns the 14,000-yuan net profit after tax over the same period last year.
The company’s revenue for the first quarter this year dropped 58.3 percent to 11.6 million yuan. It said that the loss was attributed to fewer business activities in San Ya Wan due to seasonal and several market timing factors.
Ying Li added that the loss was also due to a loss on foreign currency exchange, as well as higher expenses coming from both expenses and interests related to the issuance of Convertible Bonds.
Looking forward, the company said it will remain positive and expected to have profitable results next year, with income deriving from fair value revaluation gain, rental income and from the San Ya Wan project.
Currently, the company focuses on the International Financial Centre and Da Ping, which is likely to conduct a pre-sale launch in the second half of 2010.