YeaShin International Development Co (亞昕國際開發) is predicting explosive profit growth next year and beyond, despite economic uncertainty and monetary tightening slowing earnings this year.
The New Taipei City-based developer posted net income of NT$156 million (US$5 million) in the first three quarters, or earnings per share (EPS) of NT$0.4, company data showed.
That represented a decline of 39.39 percent from EPS of NT$0.66 during the same period last year, as COVID-19 outbreaks, interest rate hikes and unfavorable policy measures drove prospective buyers to the sidelines, it said.
Photo: Hsieh Wu-hsiung, Taipei Times
Revenue in the first 10 months of the year shrank 5.8 percent year-on-year to NT$2.76 billion, it said.
However, YeaShin expects a turnaround next year, when it wraps up more than US$10 billion worth of projects and books profits, it said.
A project in New Taipei City’s Linkou District (林口) would generate NT$3.4 billion of sales, a residential complex in Taipei’s Datong District (大同) would contribute NT$5 billion, a project in Taoyuan would bring in NT$2.4 billion, a residential complex in Miaoli County would provide NT$2 billion and a project in Taichung would account for NT$1.2 billion, company data showed.
YeaShin, dubbed “the king of Linkou,” where it owns a hotel and has developed several housing projects, is seeking to duplicate the successful business model in Taichung in the coming years.
Toward that end, YeaShin has acquired 6,000 ping (19,8035m2) of idle land in northern Taichung that would be converted into NT$30 billion worth of apartment complexes, it said.
The developer said it had sold out two batches of presale apartments in Taichung this year, and would be able to recognize profits after construction is completed and the units are turned over to buyers.
The two projects would generate NT$3 billion of sales, it said.
YeaShin is outperforming a lackluster market, with housing transactions across the nation dropping 28 percent last month.The company attributed the phenomenon to real demand in central Taiwan and its positive image.
YeaShin said it would launch its third housing project in Taichung toward the end of this year, which would bring in another NT$3.3 billion of revenue.
Those projects would lend support to YeaShin’s top and bottom lines in the coming four to five years, it said.
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