Weiye's Q4 net profit up on robust sales

WEIYE Holdings, a property developer in Henan and Hainan, China, has posted a 13.5 per cent increase in net profit attributable to owners to 46.6 million yuan (S$9.6 million) for the fourth quarter ended Dec 31, 2013 (Q4 2013), up from 40.3 million yuan a year ago.

Gross revenue jumped by more than eight times from 43.7 million yuan a year ago to 370.5 million yuan in Q4 2013, as property development sales surged by 720 per cent to approximately 212.4 million yuan, on higher total net saleable floor area handed over to customers.

For the full year, net profit jumped five times from 36.9 million yuan to 184.5 million yuan, while gross revenue jumped more than six times from 222.7 million yuan to 1.38 billion yuan, driven mainly by a 391 per cent year-on-year increase in property development sales to 646.3 million yuan.