Sino Horizon Holdings Ltd (鼎固控股), a China-based property developer, yesterday said it expects stable growth in earnings for this year, aided by favorable policy moves and demand for residential and commercial properties in popular Chinese cities.
The developer, which was established by the family of Advanced Semiconductor Engineering Inc (ASE, 日月光半導體) chairman Jason Chang (張虔生), posted NT$819.63 million (US$26.78 million) in revenue last month, more than double the amount a year earlier, its company report showed.
REAL-ESTATE DEALS
Cumulative sales totaled NT$4.18 billion for the first four months of the year, surging 1.37 times from the same period last year, thanks to sales of residential properties in Shanghai, the report said.
The Cayman Islands-registered company recorded NT$592.31 million in net income last quarter, or NT$0.33 in earnings per share, the report said.
Home sales generated 69 percent of the profit, while rental income and property management contributed 27 percent and 4 percent respectively, the report said.
Sino Horizon is planning to build more commercial and residential complexes in Shanghai and Wuxi in Jiangsu Province this year, the company said.
INTEREST-RATE CUTS
“China may cut interest rates further in the second half, after having done so three times this year, in a bid to support economic growth,” the company said.
China’s monetary-easing policy is favorable to the property market, where real demand remains strong for houses, as well as retail and office space in prime locations, the company said.
The company is also to benefit from asset reevaluation, which helped generate NT$4.57 billion in pre-tax income last year, accounting for 50 percent of total earnings, the report said.
Sino Horizon plans to conduct asset reevaluations twice a year in the future.
Sino Horizon shares closed down 5.56 percent to NT$38.20 yesterday, bucking the TAIEX’s 0.28 percent gain, Taiwan Stock Exchange data showed.
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