Pan Hong Property reports FY loss of S$7.8m

Singapore-listed Pan Hong Property Group has posted a S$7.8 million loss for the financial year ended March.

This reverses a S$39.2 million profit in the previous financial year.

The China-based developer said the net loss was mainly due to a sharp drop in revenue as it sold fewer residential units during the financial year. Revenue for the period fell 93 per cent to S$8.4 million.

Giving an update on its latest projects, Pan Hong said it has seen a pick-up in pre-sales activity in recent months at its projects in Nanchang, Huzhou and Hangzhou.

The company said the total value of its pre-sales for these three projects had risen significantly to S$107 million as of last week, compared with S$33 million in February.

Source : Channel NewsAsia – 28 May 2009

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