Yanlord's Q1 bottom line hit by triple whammy

Singapore

YANLORD Land on Wednesday reported a 94 per cent drop in net profit to 15.46 million Chinese yuan (S$3.4 million) for its first quarter ended March 31, 2015, from 266 million yuan a year ago. The real estate developer was hit by lower turnover, foreign exchange loss and a negative profit contribution by joint ventures.

Revenue slumped 43 per cent to 1.01 billion yuan, from 1.76 billion yuan a year earlier. Yanlord builds high-end integrated commercial and residential property projects in high-growth cities in China.