CHINESE property developer Ying Li International Real Estate reported a 43.7 per cent year-on-year drop in second-quarter net profit to five million yuan (S$1 million), weighed down in part by higher taxes.
For the three months ended June 30, revenue leapt 73.1 per cent to 169.29 million yuan from the previous year. The increase in revenue was due partly to higher revenue from the sale of properties segment.
During the quarter, current income tax rose by 4.5 million yuan year-on-year to 8.2 million yuan due to an increase in taxable profits generated from the sale of properties.
Q2 earnings per share sank to 0.002 yuan from 0.003 yuan in the preceding year.
For the six-month period, net profit rose from 8.43 million yuan to 21.8 million yuan while revenue rose nearly 32 per cent to 260.61 million yuan.
Ying Li International Real Estate shares closed at S$0.14 on Friday, up 0.1 cent.