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Debao Property's Q1 profit triples to 108.3m yuan

CHINESE developer Debao Property Development reported a tripling of its net profit for the first quarter ended March 31 to 108.3 million yuan (S$22 million) from 34.5 million yuan a year ago, on the back of higher revenue and higher other income.

Revenue for the three-month period grew 44 per cent to 24.2 million yuan as the developer sold more gross floor area (GFA) and achieved higher average selling prices.

Other income jumped 171 per cent to 150.9 million yuan, mainly due to divestment gains.

As at end-March, the group has six development projects with GFA of some 1.84 million square metres under development, including four projects in Kuala Lumpur - Project Kuchai Lama, Project Cheras Mahkota, Imbi Land and Project Plaza Rakyat.

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"These are expected to be separately completed in various phases up to 2022, providing us with secure and visible business growth opportunities in the foreseeable future," Debao Property said in its financial statement issued on Monday.