GYP Properties, formerly known as Global Yellow Pages, has reported earnings of $4.1 million for the 1HFY2021 ended December, over four times higher than earnings of $892,000 a year ago.

Earnings per share (EPS) for the period stood at 1.481 cents on a fully diluted basis, compared to EPS of 0.324 cents the year before.

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Revenue for the period surged nearly 10 times to $42.4 million from $4.5 million previously.

Other income saw a 27.6% y-o-y growth to $1.6 million, while other gains stood at $2.6 million from $66,000 the year before.

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SEE:Global Yellow Pages shareholders approve name change to GYP Properties

The higher revenue was due mainly to recognition of completion of sales of townhouses in stage one of the group’s Remarkables Residences project in New Zealand.

Other income of $1.6 million was mainly attributable to rental income generated from Braddell House, as well as income from government grants and interest.

Other gains of $2.6 million comprise unrealised foreign exchange gain of $2.5 million due to a stronger New Zealand dollar (NZD) exchange rate.

Cash and cash equivalents as at Dec 31, 2020, increased to $18.8 million from $1.2 million the year before.

Shares in GYP Properties closed flat at 10.1 cents on Feb 10.