K Wah International Holdings yesterday said first-half underlying profit rose to HK$270 million from a loss a year earlier, thanks to sales of a residential project in Shanghai.
The turnaround came from the completion of phase one of Shanghai Westwood.
The mid-tier developer did not complete any residential projects that could be booked as earnings in the year-ago period.
Turnover in the first half rose 1,261 per cent to HK$1.76 billion from HK$129.2 million a year ago, while net profit climbed 305.89 per cent to HK$439.49 million from HK$108.28 million.
The developer booked HK$1.5 billion from the sale of phase one of Shanghai Westwood in the first half and in the second half has already secured HK$2.5 billion from the sale of the Great Hill and J Residence residential projects in Hong Kong.
As K Wah has few individual-owned development projects in Hong Kong, revenue for the next three years greatly depends on sales of residential projects in Shanghai and Guangzhou.