By Crystal Hsu / Staff reporter
Property broker and developer Sinyi Realty Inc (信義房屋) yesterday reported its strongest first-quarter results in years, buoyed by residential project handovers and improving brokerage operations. Net profit surged 76.6 percent from a year earlier to NT$163 million (US$5.18 million), while consolidated revenue rose 30 percent to NT$2.88 billion. Earnings per share increased to NT$0.22. The strong performance was largely driven by revenue recognition from a residential development project in New Taipei City’s Banciao District (板橋), realized by the company’s property development division.
The logo of Sinyi Realty Inc is pictured atop the company’s headquarters in Taipei’s Xinyi District in an undated photograph.
Photo courtesy of Sinyi Realty Inc
About 80 percent of projects were handed over in the fourth quarter of last year, with the remaining 20 percent completed in the first quarter, contributing NT$601 million in recognized revenue, the company said at an earnings conference. Sinyi reported revenue of NT$942 million for last month, up 22.1 percent from a year earlier, signaling continued business momentum.
The company said its development business continues to expand its range of projects. Another fully sold residential project in New Taipei City’s Sinjhuang District (新莊) is scheduled for delivery in 2028 and is expected to provide additional revenue momentum, it said. Overseas operations showed signs of improvement, the company said. Sales at Sinyi’s development project in China picked up notably this year, with the company selling 11 units and delivering eight units in the first quarter, it said. Last month alone, the company sold an additional 16 units, it added. Construction of the main structure for the InterContinental hotel project in Sabah, Malaysia, is progressing steadily, with hotel operations expected to open by the end of next year, Sinyi said. The company’s brokerage business continued to recover, with productivity per agent improving month by month, it said. Sinyi attributed part of the rebound to an internal incentive program aimed at enhancing employee performance and operational efficiency. The company is expanding its presence in Japan, with new branches planned in Tokyo’s Shibuya and Azabu-Juban areas as it seeks to capture growing demand in the leasing brokerage market, it said. The company plans to further improve staff productivity and customer service through digital technology and data-driven management tools, Sinyi said.