ETC profits more than double to $3.4m in Q3

Quarterly profits rose 135% due to increased property sales.

Emerging Towns and Cities (ETC) profits ballooned by 135% YoY to $3.4m in Q3.

According to its financial statement, revenue also rose 101.15% YoY to $19.64m in Q3 due to sold property units from its in-demand property Golden City Project which contributed $12.7m.

The company’s Daya Bay project also contributed $5.9m and rental of Daya Bay holiday apartments and Golden City residential units for $1m to overall revenue.

ETC also disclosed $24.2m (CNY118m) in unauthorised withdrawals by an entity controlled by a shareholder.

The company has ordered a halt further withdrawals and announced that swift legal actions have been taken in the form of letters of demand in the jurisdiction of Singapore and China.

ETC downplays the impact of the unauthorised withdrawals, adding that effect is not likely to be material as a similar quantum of approximately $22.94m (RMB112m) is expected to be repaid to the said controlling shareholder by December 31, 2017.

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