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Ying Li Q4 earnings tumble on thinner margins

EARNINGS for Chinese property developer Ying Li International Real Estate fell in the fourth quarter, which it put down mainly to thinner margins for the completed properties it handed over in the quarter.

Net profit tumbled 40.5 per cent year-on-year to 116.32 million yuan for the three months ended Dec 31, it said in a Singapore Exchange filing on Monday.

This was despite Q4 revenue rising 25.9 per cent to 306.93 million yuan from the previous year.

Noting that its recognition of revenue from the sale of properties is driven by project hand-over, the group said that the completed properties handed over in Q4 FY2015 were residential developments which had lower profit margins than the SOHO and office units handed over in Q4 FY2014.

Earnings per share for Q4 stood at 0.045 yuan, down from 0.076 yuan the previous year. Net asset value per share was 1.97 yuan as at Dec 31, 2015, relatively flat from 1.96 yuan as at Dec 31, 2014.

No dividend was declared or recommended.

Ying Li shares slid 0.2 Singapore cent to S$0.143 on Monday before the results were announced.

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