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.