By Crystal Hsu / Staff reporter
Property broker and developer Sinyi Realty Inc (信義房屋) yesterday reported its strongest first-quarter results in years, buoyed by residential project handovers and improving brokerage operations.Net profit surged 76.6 percent from a year earlier to NT$163 million (US$5.18 million), while consolidated revenue rose 30 percent to NT$2.88 billion. Earnings per share increased to NT$0.22.The strong performance was largely driven by revenue recognition from a residential development project in New Taipei City’s Banciao District (板橋), realized by the company’s property development division.
The logo of Sinyi Realty Inc is pictured atop the company’s headquarters in Taipei’s Xinyi District in an undated photograph.
Photo courtesy of Sinyi Realty Inc
About 80 percent of projects were handed over in the fourth quarter of last year, with the remaining 20 percent completed in the first quarter, contributing NT$601 million in recognized revenue, the company said at an earnings conference.Sinyi reported revenue of NT$942 million for last month, up 22.1 percent from a year earlier, signaling continued business momentum.
