THE buoyant property market helped Gold-Face Holdings more than double its net profit for the year ended March. The property developer, which focused its activities on the New Territories, announced a net profit of $153.18 million, up 129 per cent from a year earlier. The figure beat the company's own forecast of $110 million in its listing prospectus last October. Turnover soared 70.6 per cent to $406.88 million. Chairman Tai Kuen attributed the substantial rise in turnover and profit to the strong property market, which boosted the sale of its residential projects in Yuen Long and Fanling. He said the company also recorded favourable rental income and financial returns from its investment properties which were valued at $389 million at the end of the fiscal year. Gold-Face increased its land bank by about 300,000 square feet during the year and intended to continue to buy prime land and properties with high development potential. ''We are actively considering quality land acquisitions. Discussions with various land owners and joint ventures developments are also under way,'' Mr Tai said. He estimated that residential, industrial and commercial properties with a total attributable gross floor area exceeding 210,000 sq ft would be offered for sale in next two financial years. He said Gold-Face would also expand its investment and development to western Europe, Canada, the United States, Australia, China, Vietnam and Malaysia.
