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CWG's 3Q losses narrow to $5 mil on higher revenue

Michelle Zhu
Michelle Zhu11/13/2017 06:58 PM GMT+08  • 2 min read
CWG's 3Q losses narrow to $5 mil on higher revenue
SINGAPORE (Nov 13): Property developer CWG International saw 3Q losses narrow to RMB25 million ($5 million) from RMB53.3 million a year ago on a surge in revenue over the quarter.
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SINGAPORE (Nov 13): Property developer CWG International saw 3Q losses narrow to RMB25 million ($5 million) from RMB53.3 million a year ago on a surge in revenue over the quarter.

Revenue grew 63% to RMB193 million ($39.6 million) from RMB118.1 million a year ago, primarily due to an increase in the number of property units in Australia handed over to customers.

Revenue for the property units sold and recognised contributed to approximately 69% of total group revenue, which was mainly attributable to the sale of [email protected] in 3Q. The property’s location in Sydney, Australia, helped to boost overall average selling price (ASP) to RMB21,888 per sq m from RMB8,760 per sqm in 3Q16.

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