SINGAPORE (Nov 13): Pan Hong Holdings reported earnings of RMB10 million ($2.05 million) for 2Q18, up more than sevenfold from RMB1.3 million in the same period a year ago on higher gross profit margins.
Revenue for 2Q18 fell 77.1% to RMB52.7 million from RMB230.1 million due to the fluctuation in revenue and profit across quarters as revenue is recognised upon the handover of ownership of properties to the purchasers.
Revenue was mainly derived from the sales of residential units of Huzhou Hua Cui Ting Yuan Phase 2, whereas 2Q17’s higher revenue was mainly from the handover of residential units sold under Nanchang Sino Harbour Kaixuan City Zone 3 and Fuzhou Hua Cui Ting Yuan Phase 3.
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