Weiye Q3 profit swings to 12.8m yuan loss on fall in revenue

LOWER property development sales eroded third-quarter results for Weiye Holdings (Weiye) - which focuses on projects in Henan and Hainan, China.

Weiye sank into the red, posting a net loss of 12.8 million yuan (S$2.6 million) from a net profit of 10.0 million yuan in the year-ago period, the group said in a Singapore Exchange filing on Monday morning.

For the three months ended Sept 30, revenue dropped 39.6 per cent to 118.6 million yuan from the previous year.

The drop in revenue was due mainly to weaker sales in the quarter caused by lower total net saleable floor area handed over to customers of approximately 18,245 square metres, it said.

Weiye posted a loss per share of 6.53 fen, compared with earnings per share of 5.08 fen in the year-ago period.

Net asset value per share dipped to 5.97 yuan as at Sept 30, from 6.13 yuan in nine months ago.

Weiye shares were last traded on Thursday at S$0.485.