29 Jul China Properties profit rebounds to $36.17m in 2021
China Properties profit rebounds to $36.17m in 2021
This followed a net loss of $92.5m in 2020.
China Properties Investment Holdings Limited recorded a profit of $36.17m in the year ended March 2021, rebounding from the $92.59m loss in 2020.
The company attributed this to the revenue increases in its property investment business ($9.77m) and money lending business (9.72m), valuation gain of $24.34m on investment properties and unrealised gain of $3.24m on dealing of financial assets amongst others.
The company also recorded a foreign exchange gain on assets worth approximately $31.01m and a decrease in administrative expenses amounted to approximately HK$20.35m for the year ended 31 March 2021.
The group’s turnover for the continuing operation was $71.28m, up 37.61% from $51.80m in 2020.
The increase in turnover was mainly due to rental income generated from the leased properties and an increase in loan interest income from the money lending business.
Moving forward, China Properties is looking to further expand its portfolio by identifying premises in Shanghai.
“The group will keep on expanding the properties investment business so as to enhance the rental incomes of the group,” China Properties said in its report.
“In the meantime, the group will remain focused on its money lending business which will generate a steady revenue stream for the group.”