Longcheer swings back to profitability at RMB1.9 million

Increased rental rate propelled the upturn.

Longcheer Holdings Limited swung back to black with RMB1.9 million profit in 4QFY16 after suffering a net loss of RMB8.7 million in the previous corresponding period. This is thanks to a slight increase in average rental rate upon renewal of expired lease agreements.

According to Longcheer’s results, revenue also inched up 5% to RMB2.6 million in the quarter compared to RMB2.5 million in 4QFY15.

On a yearly basis, however, the company’s bottom line plummeted 79% to RMB6.4 million in 4QFY16 compared to a year ago. Meanwhile, turnover for the full year ended 30 June 2016 rose RMB0.03 million to RMB11.4 million against RMB11.3 million in FY15.