Guangdong Land forecasts turnaround

Business | 23 Oct 2018 4:06 pm

Guangdong Land (0124) said its expects net profit in the first three quarters to be not less than HK$180 million, compared with a net loss of HK$2.79 million for the same period in 2017.

Posting a positive profit alert today, the company said that in July 2018, it completed the acquisition of 100 percent equity interest in subsidiary Guangdong Yuehai Property Development Co from Guangdong Yuegang Investment Development Co., also a subsidiary. As the consideration of the acquisition was less than the fair value of net assets acquired, a provisional gain on bargain purchase was recognized, the company said.

Also, it said that in the first half of 2018, the over-accrual of the land appreciation tax in 2017 of HK$77.17 million had been reversed following clearance with the local tax authorities.

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