Yanlord Land Group
Real estate developer Yanlord Land Group's profit for the 2017 fourth quarter attributable to owners of the company fell 23 per cent to 1.19 billion yuan (S$248.9 million), on the back of a 14 per cent rise in revenue to 11.28 billion yuan.
The rise in revenue came from the increase in average selling price per sq m due to the inclusion of higher-priced projects, such as Yanlord on the Park and Yanlord Eastern Gardens in Shanghai, both accounting for 84.7 per cent of the group's gross revenue on sales of properties in the fourth quarter.It was partly offset by the decrease in gross floor area delivered to customers.
In line with the higher revenue, the group's gross profit grew 31.5 per cent to 5.529 billion yuan. Overall, full-year profit rose 19 per cent to 3.22 billion yuan on flat revenue.
Yanlord also clocked higher investments in joint ventures, climbing 278.4 per cent to 4.54 billion yuan.
Jardine Cycle & Carriage (Jardine C&C) reported a 16 per cent jump in full-year earnings to US$811 million (S$1.08 billion). This was thanks in part to a net non-trading gain of US$23 million recorded by the group, from investment property revaluations and net gains on disposal of interests in certain companies and investments, which were partly offset by impairment charges.
Earnings per share increased to US$2.05 from US$1.78 in 2016. Revenue for the year to Dec 31 was up 12 per cent at US$17.7 billion.
Chairman Ben Keswick said: "The group achieved a satisfactory result in 2017 ... (Indonesian business) Astra should continue to benefit in 2018 from improving economic conditions and stable commodity prices, although the competition seen in the car market is expected to intensify. The group's direct motor interests will continue to face challenges, while its other strategic interests are expected to produce growth."
Cosco Shipping International returned to the black last year, helped by a profit from discontinued operations.
Net profit for the year ended Dec 31 was $263.9 million, reversing from a loss of $466.5 million. Turnover eased to $37.2 million from $40.5 million in 2016 as shipping revenue declined from a smaller fleet of bulk carriers.