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China New Town swings to profit of 65.1m yuan in 2015

CHINA New Town Development Co swung into a full-year profit of 65.1 million yuan (S$14 million), or 0.0066 yuan per share, in 2015 amid progress on its Shanghai Luodian project.

The real estate developer said revenue increased by 18 per cent to 67.0 million yuan largely due to development progress at the Shanghai Luodian project, which allowed the company to recognise 30.92 million yuan of revenue.

Cost of sales in 2015 also dropped 98 per cent to 12.4 million yuan in the absence of a year-ago impairment provision of 605 million yuan on the same project.