Full Wang International Development Co (富旺國際開發) is expecting fast growth in earnings next year on the back of profit recognition from deliveries of new housing projects, the Taichung-based developer said on Tuesday at an investors’ conference in Taipei.
Full Wang posted NT$1.94 billion (US$62.8 million) in revenue in the first 11 months of this year, an increase of 275.07 percent from NT$516.92 million a year earlier. Its net profit for the first three quarters of the year stood at NT$186.38 million, translating into earnings per share of NT$1.98, the company said.
Full Wang reported a net loss of NT$860.77 million during the same period last year.
Photo: CNA
The improvement in the company’s top-line and bottom-line results might remain next year, Full Wang chairman Emerson Lin (林正雄) said, citing that the company has seen a 74 percent sales rate for 13 presale projects that might generate NT$13.3 billion in revenue in coming years.
Five of the presale projects are due for delivery in the first half of next year, which would allow the company to register a rapid expansion in profit compared with the level seen this year, said Lin, who is also head of the National Real Estate Alliance (不動產聯盟總會).
Solid real demand and a demographic bonus in Taichung are expected to lend support to Full Wang’s positive business outlook, Lin said.
To take advantage of the trend, the company plans to roll out two major presale housing projects near the National Taiwan Museum of Fine Arts and the Central Taiwan Science Park (中部科學園區) that are expected to generate NT$5.1 billion in total sales, he added.
House transactions last month spiked 26.1 percent from a year earlier to 23,413 units in the nation’s six special municipalities, a sign the property market is emerging from a slowdown induced by the government’s unfavorable policy measures and the central bank’s interest rate hikes, Lin said.
Overall, the company has NT$20 billion of projects under way over the next three years, he said, adding that the company plans to launch from NT$5 billion to NT$7 billion in new projects per year and looks forward to healthy income.
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