Weiye Q4 profit surges to 142.9m yuan on higher property development sales

SINGAPORE - Higher sales in its property development and equipment manufacturing business segments gave a fillip to results for Weiye Holdings Limited (Weiye) for its fourth quarter.

Net profit for the fourth quarter ended Dec 31 leapt about four times to 142.9 million yuan (S$29.8 million) from 35.2 million yuan in the previous year; earnings per share rose to 72.87 fen from 17.93 fen in the year-ago period, the group said in a Singapore Exchange filing on Wednesday morning (feb 28).

For the quarter, revenue leapt almost seven times to 1.03 billion yuan from from 154.05 million yuan in the year-ago period.

For the full year, revenue more than doubled to 1.75 billion yuan from 741.42 million yuan the year before.

Meanwhile, net profit for the full year grew 77.8 per cent to 116.2 million yuan from 65.3 million yuan for the full year.

Net asset value per share crept up to 6.71 yuan as at Dec 31, from 6.13 yuan in the year ago period.

Weiye did not declare or recommend any dividend for the full year.

Weiye shares last traded at S$0.45 on Feb 23.