Property developer Evergro posts full-year earnings of S$196,000

Property developer Evergro has reported full-year earnings that are sharply lower than the previous year.

It booked a profit of S$196,000 compared to the S$7.5 million in 2006.

Evergro says there was no divestment gain this time, after it recorded returns from selling a property company in the previous financial year.

Also dampening the financial numbers were higher administrative and other expenses, which included a S$2.2 million land use tax in China.

Evergro expects the Chinese government to introduce further measures to cool the property market.

These may be in the form of credit tightening, financing of real estate projects and control of foreign investments. – CNA/ch

Source : Channel NewsAsia – 24 Jan 2008

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